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What are some of the most common ways that gamblers lose their money?

What are some of the most common ways that gamblers lose their money? How can I avoid them as a gambler?

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Here are five common ways gamblers lose their money.

You bet real money because you think gambling is entertainment.

Gambling isn’t entertainment if you want to seriously give yourself a chance to win. It doesn’t matter what game you play, you must treat it as a venture. You must pay attention to the odds, rules, and the game you’re playing.

Discipline yourself not to be distracted by other players, texting and doom scrolling; watching sports on the big screen; or ogling what buck or doe is walking by.

(This advice does not include playing poker. In poker you MUST watch the other players at your table for tells and betting changes. You’ll likely have time to leer at the eye candy, though highly discouraged if you get sidetracked easily.)

You drink, take drugs, or are a sex addict and start flirting.

These are especially important to avoid if you’re winning. If you’re on an Adderall, cocaine, or a meth high, you will feel invincible and think this “hot streak” or good luck will last forever.

Or worse, you chase losses, thinking you can outlast bad luck that you didn’t catch on to because your signal velocity is amped on stuff you shouldn’t be on anyway. If you’re ingesting pot or swallowing downers you’ll likely be zoning out, not paying attention, and miss the details that might make the difference between winning and losing.

Imbibing in copious amounts of alcohol and caving in to primal sexual urges speak for themselves; vices familiar to everyone here in the US, even the Bible Belt, where adamant denial still exists on Sundays.

Caveat: A few professional (and expert) gamblers successfully take stimulants to keep focused and smoke weed to balance calm. But the exception know and respect their limits. If you can successfully do this, more power to you; but I wouldn’t test it out while holding on to a big bankroll.

Manage your bankroll.

Know how much money you’re starting with. Set an amount of what you hope to leave with. And don’t forget to include losses. How much do you want to risk? How much cash are you buying into the game to begin with? How much do you want to win? How much are you willing to lose?

You MUST be vigilant and stick to a plan. Yes, have a plan. Before you walk through the door.

Don’t lend money to people and tip wisely.

I’m a former casino dealer and pit manager, so I’m qualified to give you both a professional and a personal opinion.

Lending money is a lost cause.

When you lend money to ANYONE you must be of the mindset that you are gifting or giving it away. Most people who borrow money in “the heat of the moment” while gambling either forget, think they deserved the money (don’t ask me why, but I promise you this is typical thinking amongst gamblers); or won’t pay you back when they have it in their possession when you need it to pay a vig, or double down. They won’t be there for you the way you were there for them. And don’t forget this, no matter how tight your buddy is with you.

If you and your buddy are partners in this gambling session, different rules apply.

On tipping

Figure out ahead of time how (and how much) you wish to tip. Do you want to tip after each winning hand? At the end of the session? Or at the beginning, prior to making a bet? A percentage? Do you want to “play for the dealer” or hand in your tip?

If you calculate how much you spend in tipping the dealer, the beverage server, the cashier, slot attendant, and anyone else who has their hand out (valet, food server, desk clerk, the guy walking by) these add up quickly.

When I’m winning I take care of my people. I have in mind what I’m doing prior so I don’t get crazy and start throwing money away.

We are all susceptible to crazy inside the state of a winning gambling euphoria—the feeling that hits when the brain’s pleasure center starts blinking with happiness as the chemicals wash over us like a warm ocean wave enveloping us in the delusion that we can do no wrong.

Know the game you choose to play and gamble on.

If you’re playing craps you know to take or lay full odds on the Pass Line or the Don’t. Be careful and don’t get caught up in the riot of the game and spread your bankroll too thin. In slots understand the payoffs and always make sure you bet enough to be eligible for the jackpots. In blackjack know when to hit and stand on soft hands and find games with 3/2 odds. Be sure to understand the rules for double and single deck, and shoe games. In roulette don’t play (both) black and red to “break even” (please don’t be an idiot, this is why casinos are building palatial palaces and expanding); and don’t be afraid to switch up your bet, and stick to your bankroll.

Stay away from Keno and the Wheel of Fortune that greets you with promises of a sure win as you enter into the gaming area. It doesn’t matter why, just trust me on this.

Bonus advice: If you win big, don’t go to strip clubs, chase women (or men), offer to buy rounds of drinks, or get a hotel room with a bag of cocaine and three hookers. Don’t bet big on 10-team parlays, buy a new car, or cheat on your spouse; each will come back to haunt you in ways unimaginable.

Mentally, physically, and emotionally there are many common ways to give or throw away money while gambling. So keep a level head, be risk averse, and know when to walk away, winning or losing.

And remember. You are only worth what you leave and get home with—the rest is a story that begins and ends with once upon a time.

Good luck.