Hey guys! today on this blog post, I want to talk about something that happens very often in the gambling industry. I would start with a true life story shared by someone close to me and then point out the lessons. His name is Joseph and is in mid 30’s. For the sake of privacy, his name has been changed in this blog post.
Joseph was a gambler who had spent more than 4 years betting on football. Like everyone else, Joseph enjoyed the feeling of seeing the possibility of winning a huge amount of money from the sport he already loved which wasn’t really a bad thing. He started by putting in small amounts of money and eventually started increasing his stakes as time went on. After doing this for a while, he lost many times and was also able to recoup his losses back to the original amount he had when he started. Because he was able to recoup his losses, he felt like a kingpin, a jagaban and he believed he had now come of age and can take up bigger challenges. He thought he was safe.
The story still continues… Joseph got an inheritance of about 1 Million and he thought it was a fantastic idea to use that money to to bet. Afterall, he was able to make the money he lost the last time and now that he has a million, it would be easy for him. He doesn’t have to accumulate many games just stake on a few games daily and increase his bank roll. He smiled to himself and was pleased at his ingenuity.
The new football season started and he went in with a bang. He made high stakes and after about 3 months he was able to increase his bank roll by more than 75%. This was a remarkable feat for Joseph. His confidence was at an all time high. It was like cocaine, he wanted more wins. He was high on winning. Amazing right? He walked around the streets like the wolf of wall street sharing his amazing winning streak story to everyone who cared to listen.
Then it started happening. He was beginning to lose money. But because he was so hooked like a drug addict, he couldn’t stop. Even when he had responsibilities to cater for, he still felt the urge to recoup his losses. He started going from 500k, 450k, 400k, shit.. okay let me try and take it back to 500k he said to himself. 200k…. 100k… 50k… 40k.. shit less than 50k. 30k.. 20k… he then realizes he has a problem. 10, 5 and zwish 0. You saw this coming right? He had successfully ran his account down from Over 1 Million to zero.
This type of story is a familiar one to a lot of people. The strong desire to win back all that you have lost, probably because its usually one game that spoils your accumulator ticket. But this is a really huge gambling problem that has put a lot of people in irrecoverable debts. Don’t get caught chasing!! Chasing your losses means attempting to win back the money you have lost by gambling more. Sadly, this leads to more losses, which leads to more chasing which is a crazy cycle that can be almost impossible to break.
The key is to treat gambling like any other form of entertainment. You don’t keep watching & buying more movie tickets because the last movie you watched was bad.