This blog post was originally titled – “MY Most Common Gambling Mistakes” but while researching the topic I’ve concluded I share the same gambling missteps with most of you! Even though this doesn’t make me feel super extraordinary or special, I’m certain now that a topic like this one will be beneficial especially for all of you just discovering the excitement of gambling but lack the experience in something that is so much more than a simple game! So, let’s focus, here are our 3 favourite slipups.

Gambling Without a Limit

I bet you’ve heard many times that managing your bankroll is extremely important. And it really is, unless you’re freaking Bill Gates or some other friend of him featured on the Forbes Billionaires List. If you didn’t see your name on that chart, setting a daily, weekly or monthly gambling budget is a top priority! Plan your gambling expenses according to your income and whenever you reach your loss or win limit – just stop, no excuses, no 2 more bets or what so ever! Gambling should be a positive and an exciting activity and to keep it this way, self-discipline is the only strategy you should follow. Knowing when to stop will save yourself the financial and emotional problems which can turn into an addiction if you neglect them in the long run.

Believing in the Gamblers Fallacy

Consciously or subconsciously, I think we all have fallen into the gambler’s fallacy trap. Believing that the outcome of a random event is somehow affected by the outcome of a previous random event is a complete nonsense! Yet somehow, our mind always looks for the logic even when dealing with games based on pure randomness. So, whenever you catch yourself hoping for the next spin to crack the jackpot because it’s been quite some time since this has happened, just know that this is not how randomness works and your gut feeling is blurring your mind. I think this is probably one of the hardest mistakes to overcome, as most of the time players don’t even realize how their brain is playing tricks and fooling them that randomness can be predicted.

Making Bets with Terrible Odds

This mistake category may seem as an easy one to avoid, however, it’s just as tricky as the previous two. The reason is that considering the house edge is not always enough when choosing your games. Going for the games with higher RTP is a matter of comparing a few numbers yet often enough a lot of low house edge game variations offer additional temptations which have terrible odds. The list of bet types which you better pretend are not available features all side bets, insurance bet in blackjack, progressive jackpots, single-number bets in roulette, tie bet in baccarat and of course the winner of them all – all Keno bets! They all have one thing in common – the superpower to make your bankroll disappear just as quick as your high hopes for a huge win.