It begins with a dollar’s worth of a betting ticket, then a win, then the cycle goes on and on. That was how I started and got myself hooked into gambling. It looked deviously easy! All I had to do was to bet on games with lower payouts (but higher chances of winning) such as sports betting, and consistently put in the money for it to grow and make more money out of it.
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Everything will start looking like a bed of roses until the day when you want more, and increasing one’s appetite for “riskier” choices, ignoring all logic and using excuses after excuses to back one’s decision, such as “it’s going to be a 50-50 chance of winning right?”.
I started funding my gambling habit (it wasn’t an addiction until I wanted more and gambled only to go for the quick riches) with the wages from my part-time job, usually 20% of it, that grew to 50% expenses in no time.
And eventually having greed involved (I got bored of the 1.13 or 1.21; the latter considered as high returns that are safer to bet on) and went in for those bigger matches where the payouts are around the 2.25 vs 1.97 range (eg: S$1 can win you S$2.25 or S$1.97, dependent on the team I’m siding on that day).
My losses soon ate into my savings.
The only strategy that I had thought of was to increase my amount to fund my next bet. Which when looking back now, does not seem to be too bright of an idea.
If you find yourself down to your last dollars, funding gambling as a “source” of new income is a terrible idea.
Here are 2 reasons why:
- You are most likely going to be irresponsible in your finances when you are on a roll. When you are making small amounts off the pool outlets, eventually you will want to start tasting how it’ll be like receiving a bigger payout. The only way you’ll ever get to experience that is to increase your money to channel into the next “win”. Mind you that “win” is still only a probability. Let’s say that you are not getting any pay increment for the year, but you want to go for the bigger “wins”, would you: a) Increase your buy-in amount? Or
- b) Wait and continue enjoying smaller profits? 2. Funding gambling is not the only way to financial freedom (or just to “get more money”). One mistake that I see people (in general) making is that they have a tunnel vision, and channeling everything they have into an area for that “one last fight” for “success”. I used to do that while in my immaturity. A lesson that I had learned from this mistake was that there are indeed many more ways to create new sources of income, and that gambling one’s wages for the big wins are by no means the “only” way. Here are some suggestions: you can go into entrepreneurship (eg: creating amazing services, engaging people, connecting and providing exceptional solutions), freelancing (eg: designing, writing, marketing), businesses, or if all that doesn’t appeal to you, a change of job environment would do the trick. Funding gambling would then be a recipe for further disaster when going in for that “last battle”. Even if you barely made it after that “all out for the final push” gamble, read reason #1 on why this is still a bad idea.
The risk of losing such gambles are too high for me to take. While some see it as a 50-50 chance of winning (it’s an either I win or I lose situation right?), perhaps they forgotten the part where the “houses” (gambling operators) would have already had calculated their part of the risk and created games where the lure of a win is high, but knows that you will be the one that says goodbye to your cash.