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How To Avoid Common Gambling Mistakes

Common Gambling Mistakes to Avoid

Today, we’re here to help both camps – experienced gamblers and beginners. If you’re experienced, we’ll show you some tips and tricks for keeping control in certain scenarios. If you’re just starting out, we’ll show you what you should check before gambling at an online casino. First and foremost, before you even register for an account, we advise you to ensure the site has a proper licence, features straightforward terms & conditions, and possesses information on the owner.

Lack of Bankroll Management

If you’d like to make a name for yourself out there, proper bankroll management is the first thing you’ll need to learn. Bankroll management is the subtle art of knowing how much you can afford to deposit and features strict rules on subsequent deposits and wagering patterns. Let’s take a closer look at the most common bankroll management mistakes and tips for improving your game!

Common Mistakes

  • Depositing too much: If you’ve set aside a gambling budget for the week/month, it’s of crucial importance to stick with it no matter how much you lose. Never deposit more than you can afford!
  • Sticking with high wagers: If your budget is getting drier and drier with each passing round, it’s time to lower your wagers accordingly.
  • Not following the rules: The worst thing you can do in gambling is set up clear rules and then break them as soon as the first opportunity arrives. Gambling is not for those who lack character.

Tips for Effective Bankroll Management

Here are a few concrete tips for effectively improving your bankroll management skills:

  • Instate weekly limits: No matter how deep your pockets might be, we always recommend our readers to instate weekly or monthly limits and stick with them.
  • Always look for value: Value bets are those that are far more likely to happen than the odds suggest. If you’re looking for raw profitability, finding value is of utmost importance.
  • Track your bets: Last but not least, we always recommend tracking your bets. Not just the results but the bet type, stake, and outcome(s).

Chasing Losses

Based on decades of experience, we can confirm that chasing losses is one of the most dangerous and vicious cycles players can get themselves into. Chasing losses represents the continuous efforts to get back even after suffering massive losses. Obviously, this doesn’t go according to plan and players just dig their financial holes deeper and deeper.

Consequences of Chasing Losses

The consequences can be life-changing, to say the least. Chasing losses is the quickest route to suffocating your personal finances. With that, players are bound to cut off some relationships too. Others might have social and/or family issues. In short, the consequences of chasing losses are tragic. That’s why we advise you to never succumb to the pressure and ask for professional help as soon as you notice

Best Strategies to Avoid Falling into the Trap of Chasing Losses

There are a few tangible strategies you can use to avoid falling into the fire pit of chasing losses. The best ones are the following:

  • Stick with your gambling limits: If you have gambling limits on a bookie, stick with them. Don’t register at another just to cheat your way out of it.
  • Don’t gamble when under the influence: Be it drugs or alcohol, gambling under the influence is oftentimes the quickest route to chasing losses and serious financial difficulties.
  • Self-exclude from gambling: If none of the above work out and you continue to struggle with problem gambling, we recommend you self-exclude via GamStop (and/or other tools) and seek professional help as soon as possible.

Ignoring Odds and Probabilities

Even though chasing losses is the worst thing players can do when gambling online, ignoring odds and probabilities isn’t far from it. In our experience, doing so paves the way for several common mistakes that can drain your resources and make you question your gambling choices. Here’s what we’re referring to:

Common Mistakes Related To Ignoring Odds & Probabilities

The most common mistake is not getting the best value for your money. That’s only going to keep happening to you until you decide to learn about odds, probability, and more technical stuff.

In our experience, lots of people don’t understand basic terms like RTP (return to player) and volatility, which are important for understanding how certain games play and finding the best approach for them.

Resources and Tools to Learn About Odds and Probabilities

Now let’s talk about resources and tools that could help you out. There’s a massive page on Investopedia that focuses on the math behind betting odds and explains some of the most important concepts. If you value a good read and you’re ready to make your next gambling session a success, we warmly recommend you check that page out.

Emotional Gambling

Based on our first-hand experience, emotional gambling can have some major drawbacks. It comes as no surprise, really. But, what can be classified as emotional gambling?

Our research confirms there are two examples that need to be showcased here. They’re both equally dangerous because they cloud players’ judgement and make them do things (gamble their worries away) they normally wouldn’t do.

Examples of Emotional Betting Scenarios

Emotional betting scenarios typically include drunk betting or betting under the influence of drugs. Peer pressure is another emotional factor that can have a massive negative effect on one’s gambling success rate. But, when discussing the most common examples, it’s the combination of drugs and alcohol that produces the worst gambling scenarios.

Techniques For Keeping Emotions in Check While Gambling

Leaving emotions out of your gambling sessions is one of the most important responsible gambling principles out there. It allows players to play with a clear head, no mixed feelings, and their minds completely in the game instead of running circles around emotional mishaps.

Lack of Research

We can’t go on without mentioning lack of research as another one of the key gambling mistakes people make. There are no rules with this one. It’s made by experienced gambling enthusiasts and beginners alike. And while it doesn’t seem like a big deal at first, it can lead to serious issues. Here’s a closer look:

Common Mistakes Resulting from Bad Research

The most common mistakes that result from inadequate research practices are as follows:

  • Depositing with the wrong payment method: If you’d like to claim a bonus and you don’t read the T&Cs, you might miss out on the info that only specific payment methods are eligible for claiming it.
  • Falling to fulfil bonus requirements: If you don’t read the bonus terms and conditions, you won’t be familiar with some of the technical details which could result in your forfeiting your bonus funds.

Tips for Conducting Effective Research in Gambling

If there’s one thing our reviews emphasise time and time again, it’s the importance of conducting research before registering at a gambling site. If you want to know the best practice for maximising effectiveness in this department, we recommend the following:

  • Focus on several keywords: We advise you to focus on several main keywords, including wagering requirements, bonuses, and restrictions.
  • Use the search function: If you can’t find certain keywords on your own, on PC you can just press ctrl+F to use the search function.
  • Look for additional T&C pages: Based on our recent experience, some casinos have extra T&Cs for Bonuses.

Overlooking Terms & Conditions

Another thing we commonly see newcomers do is completely ignore terms and conditions. There’s nothing more important than checking the Terms and Conditions page on a bookmaker you’re visiting for the first time. You have to assess the T&Cs for information regarding payments, bonus wagering requirements, and other rules and restrictions. Not knowing this info could seriously hurt your profit potential.

Common Pitfalls of Overlooking Terms & Conditions

Lots of people forget to check transaction details and other restrictions on the T&C page. By that, we’re referring to supported payment methods and min/max deposit and withdrawal amounts which bear mighty importance, especially for newcomers. Another common pitfall is when players forget to check the licensing details, another important factor of online casinos.

Suggestions for Effectively Reviewing Terms & Conditions

There are a few key factors we recommend you analyse when reviewing the Terms and Conditions pages on online casinos.

  • Restricted Countries & Basic Account Info: The first thing you should check is the list of restricted countries. This info is usually located at the beginning. In most cases, it also includes basic account info as well.
  • Bonus Terms: Examining the bonus terms and conditions, including wagering requirements, game contributions, and time restrictions, is of crucial importance.

About Our Contributors

My name is Bradley Oliva and I am the creator and author of CasinoGap.org. I have studied a Ph.D. in a Law degree program at the University of Glasgow (School of Law). Why have I created this casino site? Besides my legal career, I'm a fan of online gambling. I've been spinning slots and roulette wheel for 6+ years. One day, I joined Gamstop scheme to save some money. After the self-exclusion period, all UKGC licensed gambling operators denied reactivating my account and told me: "You're a problem gambler". However, it wasn't true. That's why I've decided to create this portal with UK sites not on Gamstop to help gamblers like me and show how to play there in a safe way.