Gamblers Conceit Explored
There is no question that gambling can be, and often is a, a destructive habit that leads to bankruptcy. Everyone has seen at least one movie, or read at least one book, that follows the life of a gambler who has landed up in terrible debt, or is in the processes of ruining their lives. It is a tale as old as time, and one that should serve as a warning to those who let their gambling habit turn from fun into a dangerous addiction. Many studies have been done on how a person descends into gambling addiction, and the results are not at all surprising.
Gambling has a risk reward system that offers the high of an occasional big win. This big win is something that those with a gambling addiction chase, generally at the detriment of their bank account. Casinos are not in the habit of giving money away for free, and the house edge applied to the majority of games makes sure that the casino, in the long run, will always get most, if not all, of their money back. This, obviously, means that a big win will land up back at the casino, if given enough time. There are few casino games that are the true definition of fair, and this is something that should be kept in mind.
Gambling For A Living
There are some who make their living entirely off of gambling, and this often stands as proof to those with a gambling addiction that the act of gambling is sustainable. And it is true that those with an understanding of odds, smart gambling, and mathematics, can make a sustainable living from bet making. It should be noted, however, that there are set systems to make this possible, and it is certainly not viable for all casino games. Poker, for example, if played very well against the house, has a small house edge that is attractive to the player. And if played in a group against other gamblers, poker has no house edge.
This is only reliable, however, if a person has an incredibly good understanding of the game, far beyond that of the average person. Understanding percentages is essential, and certainly not something everyone can be good at on the fly. Blackjack is likewise a very attractive casino game that has a low house edge, but again requires a masterful understanding of the game, including how likely cards are to appear on the table.
What Is Gambler’s Conceit?
Gambler’s conceit is a term used to describe the mental state of a gambler. When losing, a gambler will tell themselves that it is time to stop playing only when they are again winning, and have made back their loses. The reasoning is that luck will again have to swing back their way, and the losses suffered eventually made back. Of course, the gambler’s conceit psychology fails to take into account that, in terms of virtually all casino games, the longer a person plays, the greater their chance of losing due to the house edge. Plus, when on a winning streak, gambler’s conceit counters logic by saying that the winning streak must be ridden as long as possible, which inevitably takes the player back into unfavourable odds. It is a dangerous state of mind that has ruined many bank accounts.