One of the ways to winning is not making mistakes, a maxim that applies to practically all aspects of life. And if there is one world in which this rule never fails, it is gambling,
1 – Gambling without a budget
It doesn’t really matter whether we’re talking about casinos, sports betting, poker or the slots at the corner bar. Playing without a budget is a danger, as there is no bankroll management, which means that we are on the verge of bankruptcy. The fact of having a budget will make us be more thoughtful when risking money, so we should make better decisions.
2 – Not knowing how to withdraw
A timely withdrawal is a victory, something we can say for better or worse. If luck is smiling on you, it is better not to tempt it and take advantage of the wind at your back to withdraw and enjoy the profits you have made. You can always reinvest part of your winnings in the game, but not 100%.
3 – Counting cards (in an online casino)
Card counting is one of the most common strategies in blackjack, but it is not always useful. In fact, card counting in an online casino is useless because the game is completely random and the cards are shuffled after each round. In land-based casinos we can count cards, which is not very well regarded. In fact, you can be thrown out of a casino if they suspect you are counting cards. They have surveillance systems, and behaviour such as changing hand after hand of betting is suspicious. In addition, automatic shuffling machines are increasingly used after each round.
4 – Bankruptcy Syndrome
Again related to bankroll management, bankruptcy syndrome involves betting large sums regardless of the outcome. It is a strategic mistake stemming from the false belief that the time will come when our high bet will be a winner and we will recoup the money we have squandered. However, it is a way of quickly wiping out our bankroll, even before the winning bet that should compensate for previous losses arrives. To avoid bankruptcy you have to manage your bankroll effectively.
5 – The Monte Carlo Fallacy: Let your psychology get the better of you.
The psychological factor is very important in casinos, and if you’ve had a few rolls of a pair or black, it’s easy to believe that the trend will soon change. However, this false belief is unfounded because it all depends on the whims of chance and if the roulette ball has stopped 5 times in a row on the red numbers, on the next spin it has exactly the same chance of stopping on a black number as on a red one. It is a psychological bias that reminds us of the importance of keeping a cool head and avoiding being overcome by psychology.
6 – Playing in bad company
Tell me who you’re with and I’ll tell you who you are can be applied to gambling. Whether at land-based or online casinos, company can make or break a casino. Having friends who also enjoy playing at the blackjack tables or in front of a slot machine is fine, but play with people who follow a rational gambling style, are on a budget and know the game well. Avoid impulsive friends who play without strategy. Even if you think your style is cool and rational, sooner or later you will become a hot, brainless gambler.
7 – Not playing with 100% of your senses
Being 100% focused on the game is essential to avoid mistakes, and this is something that cannot get out of hand. In land-based casinos we find free cocktails or drinks while we play, but as you know, alcohol can be your biggest enemy in the casino. If you lose track of the money you’ve wagered and lose control of the game, you’ve lost. But this is also true for online casinos: we will never play casino games under the influence of substances that alter our perception of reality or if we are not in the right frame of mind.
8 – Getting out of control with tips
Tipping management is another crucial aspect in land-based casinos. Tips need to be controlled, as they are, after all, money we are losing. Tips to dealers should be commensurate with winnings, money wagered and time spent playing. There are also those who only tip when they win a certain amount of money. You can also tip waitresses to enhance your reputation with casino supervisors, but always keep your money in check.
9 – Trying to make up for losses
Related to the previous point, we have a common mistake in many casino players who do not know how to fold in time and play to compensate for losses. In most cases, playing to recoup losses leads to more losses, even if you switch from roulette to slots or blackjack. It is always preferable to stop and even pause the game rather than play to try to recoup lost money.