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Gambling is for Losers

“Gambling is for losers” – how many times have we heard this proverb alongside stories of gambling losses before? A large part of society perceives gambling the same way it looked at it centuries back.

Apprehension and reservations for wagering have stayed despite the advancements in technology, solely due to the age-old stories of gamblers who lost it all.

Even though online gambling has seen an unimaginable proliferation over the past few years, the perils of this trade give rise to some of the horrifying gambling debt stories of the present day.

In this article, we shall talk about gambling losses stories and conclude with the risks of money-making that players should be wary of.

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The Odds of Winning – A Comparison between Losses and Gains

We keep hearing about fair-gaming policies, Random Number Generators (RNG), claim for Return To Player (RTP), licensing and audit guarantees (example: UKGC, Malta Gaming Authority, Gambling Commission of Great Britain, Government of Gibraltar).

Yet, at the end of the day, gambling still predominantly remains a game of chance. The word of advice to stay calm and make calculated steps while placing a bet is still relevant today as we have progressed towards a more quick way of money-making.

The concept of a win in a casino comes with its costs. The grandeur of the brick-and-mortar casino buildings tempt gamblers of tough luck. This is where the story of gambling addiction begins. Have you ever wondered how most gamblers have ended up losing more than they win while playing? The answer to this phenomenon is the house edge. The casinos can keep operating due to the money they make from the gamblers’ losses. The low odds vs. high odds may always not turn out accurate if you are an amateur player.

Most money lost gambling goes to the casino operators, who then use it to maintain the opulence of the establishment. The losses can be considered as a price gamblers pay for the entertainment. However, by no means does this mean that casinos cheat their customers. The casino’s profit from the bets placed by paying them off, thereby giving themselves a mathematical edge that is further realized over time. To overcome the house edge, players tend to get swayed away by the desire to make money. This way, a gambling loser ends up betting despite their financial condition paving the way for some of the worst gambling stories and addiction.

Professional gamblers keep in mind how casino games pay off at the same chances one has of winning around. There is no way to decide how to overcome the house edge as the games are designed to profit the house. The trouble arises when players fail to notice this, thereby chasing the feeling of a win.

Gambling Addiction – Causes and Effects

Tip

The gambling addiction was such critical that supervisory authorities such as UKGC went ahead and formed legal bodies such as National Online Self Exclusion Scheme Limited or NOSES, set up the National Gambling Helpline, advised the Betting and gambling council (BGC) to devise policies to save the youth from the wrongful provocation of gambling.

Many charitable and self-care programs came into being, often headed by people who had suffered heavily due to addictive gambling. Gamblers Anonymous and Gordon Moody Association could be two such names.

For centuries at a stretch, gambling has been considered a means to an end – a harmless way to earn money. Even though there are people who indulge in gambling out of their interest in the gameplay, numerous have lost millions gambling simply because they fell prey to the menace that wagering can be.

Gambling addiction is a severe issue that can negatively affect a person’s physical, mental, and social well-being. The repercussions of worst gambling losses due to addiction reach far and wide beyond financial debilitation. The common symptoms of gambling addiction include irritability, desire to gamble, bursts of excitement, distress, and anger.

Gambling addiction affects relationships and can also trigger even more difficult disorders such as drug abuse, alcoholism, and psychological disorders like anxiety, depression, and obsessive compulsion.

The stories of gambling losses will make it evident how coping with gambling losses is a multi-faceted issue. The addiction can be far-reaching in terms of damage as it breaks the trust, confidence, and even self-belief of problem gamblers. The excitement from gambling high often gives gamblers a reason to keep going back, making it difficult to break out of the circle.

The treatment for gambling addiction includes therapy, medication, and self-exclusion programs (such as Gamstop, Gamcare, Gamban).

History of Gambling Losses

Losses are part and parcel of gambling – be it online or offline. More often than not, people who end up hitting the jackpot lose millions in the bat of an eyelid. Professional players who have records of winning significant amounts have their fair share of gambling losses stories or, worse, casino addiction stories.

Harry Kakavas, an extremely popular problem gambler and a real estate agent in Australia, had a streak of placing high bets on casino games. He lost a whopping amount of $1.5 billion in a span of fourteen months while he was rolling high on a baccarat game. Even though Harry Kakavas had sued Crown Melbourne Ltd for luring him into the casino, it was of no use – his gambling problem stories as still known far and wide.

GAMBLER

LOSSES

Pete cMartin
LOSSES
$4000 monthly
Terry Watanabe
LOSSES
$205m
Frank Sarakakis
LOSSES
$12m
Archie Karas
LOSSES
$40m
Charles Burkley
LOSSES
$14m
Maureen O’Connor
LOSSES
$1b

Further Information

The name of Kakavas represents the biggest gambling loss in history, but another name that cannot be left out is William Lee Bergstrom. Bergstrom placed a bet of $1 million at the Horseshoe Casino in 1984, which he lost. This happens to be the biggest bet ever lost in a land-based casino. Frank Sarakakis is the multi-millionaire who made the biggest roulette loss after he lost money gambling worth $8 million in 1994.

The online gambling losses stories are lesser known as people tend to wager in a more discreet manner. Knowing the sports betting addiction stories, one can easily imagine how many lost thousands gambling on an average. While participating in sports betting, it is best to know the basics, such as how to read soccer odds and cut your losses with this money-back offer under all gambling promotions.

The size of the loss often ends up being subjective to the gambler and their financial condition. The biggest loss to a gambler could be as small as $100 in terms of casino bets.

Higher Odds of Losses in Casino Games

Casino games that tend to involve more time and money come with more significant risks of losing money. The card games and the table games attract the biggest gambling losses as people tend to bet big. This includes blackjack, baccarat, poker, and roulette for the inexperienced. The slot games attract ordinary gamblers who end up losing more and more.

The stories of rich men who lost millions gambling are well-known all over the world. However, people who go bankrupt and even push themselves to death at lower losses are a direct result of some of the worst gambling losses. Such losses do not have to be the biggest casino losses but can be any amount that matters to the gambler – gains and losses are subjective, especially to a gambler’s mind.

Tips and Tricks for Avoiding Losses

Losing money gambling can be annoying before it quickly progresses to a compulsion of winning, hinting towards addictive tendencies. Take a look at these tips to know more.

  •  “I lost money gambling” – this is a phrase most players are afraid of as it makes them feel inferior. While gambling, it is a crime to involve one’s self-respect with the winnings.
  • Do not expect a bigger repay when you encounter a loss. This rarely happens. The house edge is always facilitating the casino, and only in rare cases can someone recover the money they have lost in a round by betting repeatedly.
  • It is easier to gamble when you look at gambling as a sport meant for entertainment. The attitude behind “ I gambled and lost” is better than a situation where one would have to say, “I lost all my money gambling.”
  • Research the casino industry before you play the games. It is better to know which games offer a higher payout and which ones do not. Find out the better websites. A quick search will reveal the best basketball betting sites and bookmakers or the best sports betting promotions and offers to make use of.
  •  Bet with small amounts using the low odds laying system. High rollers stand the risk of losing more than they started in the first place. Not everybody can afford such a situation.
  • Have a budget in mind. 

Frequently Asked Questions About Gambling

Gamblers choose to opt for games that do not require skill or time. Besides, the high house edge leads to more losses. Free bets for back of the net promotion can lead to losses if one does not read the terms and conditions carefully.

Gambling, in reality, is a loser’s game as the industry functions on the losses made by the players. With the right skill and experience, players can minimize their loss.

The best idea is to take a break from gambling. The desire to win the money back from the casino is unhealthy and should be avoided.

The gambling losses are around $55,000 on average in the United States alone.

There can be no way to get the money back from gambling losses. Betting to get the money back often leads to addiction problems. Regardless of the promotions available, resist the urge to win back losses – be it late goal insurance offers or offset losses with the money back 2nd promo in case of bookies.

The Real Gamble: A Concluding Thought

Gambling can be quite an exciting adventure if you are seeking a thrill. Nevertheless, it does not take long to turn this rollercoaster ride into a nightmare. The key to careful gambling is to set limitations, respect boundaries that you have set for yourself, and keep your cool while making decisions concerning money. An essential aspect of wagering is research. Go ahead with authorized and licensed international gambling companies so that you do not stand the risk of falling prey to scams.

Besides, these websites come with self-exclusion schemes that allow problem gamblers to isolate themselves. Bet small and avoid a high roller casino for money-making. No one should be the man in the story with the headline of “gambler loses everything.”

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