The Student Room Group

This discussion is now closed.

Check out other Related discussions

Is gambling a waste of money

Scroll to see replies

Original post by struggler07
Trust me matched betting is the way to go, gambling is like drugs it just hooks you into it where you don't realise how much your spending


Yeah. That's why bookies allow matched betting to go on of course.

A certain % of people who join bookies to just do matched betting start betting.
Original post by I feel myself
What about if you won £100, then gambled £50, then stopped


Interesting thing about that scenario is that there is a whole section of society that would be capable of doing just that but another section that pretty much would have to try to get the other £50 back.

What section of society could quite easily win £100 then lose £50 and stop? (Though of course there are exceptions)

Spoiler

(edited 7 years ago)
Original post by struggler07
No ones bad at gambling it's all about the luck


Actually psychology plays a massive part in gambling and so there are indeed many people who are bad at gambling because they just don't have the psychological make up to make a success of it even if they have the intelligence,mathematical knowhow and a reasonable amount of luck.

(Mind you 'luck ' has ruined more gamblers than almost anything else. Because the second biggest mistake gamblers make is mistaking luck for skill.
Those that have no luck tend to stop earlier or bet less money)
(edited 7 years ago)
Original post by moggis
That's a reasonably good answer,however it's not that simple.

Because the majority of gamblers* aren't getting as much pleasure out of it as they think they are but even if anyone doesn't believe that, gamblers are among the worst people for self knowledge so the idea that they can make informed choices as to the value of what they are doing is doubtful.

Notwithstanding that however,there is an interesting 'paradox' to this gambling question.

Those gamblers who are betting in the way they are advised to do so in books and on forums and gambling advice websites are nearly all wasting not only their money but something more precious,time.

But those gamblers who like to have £5 or £10 accumulators each week and don't do anything else are probably getting value for money even though they will lose 40% + of their stakes.

This is because they invest little time but receive a great deal of utility from the anticipation of their bet and the sheer excitement afforded them in the time it takes for one of the selections to go 2-0 down.

Most gambling,if done 'properly'involves a great deal of tedium while affording little chance of regular profit.


* at least I think the majority bet mainly singles,could be wrong.


You're making a lot of assumptions about gambling.

The situation you described isn't a paradox


Posted from TSR Mobile
Original post by moggis
Paying £10 to watch 99% of movies is indeed a waste of money.

I didn't even know it cost that much. :frown:


Ha ok well u get the idea lol Most entertainment costs £'s
Trust me
It's all about skill tbh, if you play slots that's all pot luck
That's still bad you lost half of your money, what if you continue playing and lose it all
What about matched betting online
I wanna go night clubs one day
Original post by moggis
Many bookies have in fact gone bust or out of business over the last 40 years.


Mismanagement, lack of customers ect? Same with anything, all manner of businesses go bust for all manner of reasons, but it's not exactly the norm for businesses to sell stuff for less than they pay for it (aside from loss leaders/tactics from big supermarkets ect), in the same way as they'll never pay out more in winnings than they take.

For example, lack of innovation and loss of market to online/smartphone gambling might be a reason for these companies to go bust. For example, people who used to play on fruit machines down the pub might now be using their phones, so the companies that lease the fruit machines might be going bust, if they don't diversify into something else (just an example, don't know how much people use them anymore at all).

In any case, the point I was originally trying to make is that the goal of these companies is to try and make money, and that they wouldn't be there playing with you if there was any chance of you winning any real amount of money in the long run. Some inevitably fail, but that doesn't necessarily mean that the players were all winning. And if that is the case, they'll go bust pretty quickly, so it's a pretty good assumption that you're going to be paying them money in the long run if you gamble with them.
That's true it depends on what sport you bet on though, slo and online games are fixed mostly
Sorry for the late reply and online slots she does
Original post by anosmianAcrimony
Is the Pope Catholic?


I was literally going to type that myself
Why lol
Original post by RedSquirrels
I was literally going to type that myself
Original post by Underscore__
You're making a lot of assumptions about gambling.

The situation you described isn't a paradox


Posted from TSR Mobile

Gambling is just a bigggggg waste of money the more you gamble the harder it gets for you
Original post by struggler07
Gambling is just a bigggggg waste of money the more you gamble the harder it gets for you


Tell that to Phil Ivey or Daniel Negreanu


Posted from TSR Mobile
Original post by Underscore__
Tell that to Phil Ivey or Daniel Negreanu


Posted from TSR Mobile

Who's that
Original post by struggler07
Who's that


A simple google search would have informed you they're professional poker players


Posted from TSR Mobile
Reply 139
Avatar for 3121
3121
21
Not if you gamble smart. Make some wins, hit a target, withdraw your deposit then you’re playing on someone else’s money. And Never get greedy. Although Winning £1000 might seem attractive, winning £100 is better than losing £20.

Latest

Trending

Trending

Articles for you