Around the world, about 26% of the population participates in some form of gambling.
Gambling can be fun and lucrative, but it’s not something to approach lightly.
Whether you’re interested in betting on sports or heading to a casino, when you’re just starting out, there are a few things to keep in mind.
Let’s take a look at five common gambling mistakes you’ll want to avoid as a beginner.
1. Gambling When You’re Impaired
This is an easy one to avoid. While playing poker and having a stiff drink might seem like they go hand in hand, you’re going your mind to be operating at full capacity when you’re gambling with your hard-earned money.
2. Feeling Like You’re Owed a Win
A classic mistake among new gamblers is what is known as the Gambler’s Fallacy. This phrase points to the concept that you’ve invested so much into something that you’re bound to have a big win coming up.
On the contrary, this is how people dig themselves further and further in the hole. If you’ve lost nine times in a row, that does not make you more likely to win on the tenth. Remember that!
3. Not Knowing the Rules
There are a lot of different gambling games, and there are even different versions of each game. Even with a game as common as blackjack, there are endless variations that could leave you unsure of what’s going on.
If you’re playing casino games online, play a few free games without risking any money. If you’re playing at a physical casino, talk to the dealer before the game and have him explain the rules.
Speaking of rules, you’ll also want to make sure you’re playing out the rule of law. The legal gambling age can vary between places, so if you’re on the young side you’ll want to make sure you’re legal.
4. Playing Outside of Your Bankroll
It’s best to have a firm concept of the money for gambling you’re willing to risk. Setting a budget can help save you from spiraling into a big loss. Better yet, always set aside 50% of your winnings so you don’t give away the money you’ve already got in your pocket.
5. Playing the Wrong Games
There are certain casino games that should simply be avoided if you’re just a beginner looking to have some fun. Games like Big Six Wheel, Baccarat Tie Bet, Keno, Caribbean Stud Side Bet, and Roulette all give the house an edge ranging from 5-25%.
Avoiding These Common Gambling Mistakes Can Help You Avoid a Blowout
Gambling can be great fun, but you may as well avoid making the same mistakes practically all new players make. Give yourself an edge by learning the rules, keeping your head on straight, keeping a budget, and avoiding some of the psychological pitfalls of gambling.
Did you find this article about common gambling mistakes useful? If so, be sure to check out the rest of our blog for more informative content!