Experienced gamblers will know that that is not the case.
Defining the Gambler’s Conceit
The gambler’s conceit has little to do with your gaming strategy.
Moreover, it is a feeling of confidence that you have both before and during gaming.
The feeling that you play smarter and know how to avoid losing heavily.
Yet assuming that you will reach that target or even quit when you reach it is dangerous.
The majority of gamblers have win limits.
And even those who have one and hit it may not want to stop right away.
These bonus rounds are designed to bring huge prizes andoverload your body’s rewards system.
At the end of the round, the player may have pocketed a small fortune.
There can’t be any harm in trying a few more rounds.
And there wouldn’t, if you think of trying another 10 rounds, and then quit.
But as the bankroll starts chipping away again, the player’spsychological biaseskick up.
Ok, keep going until you trigger another bonus round then you should be alright.
These dangerous notions can see the player eating through their entire bonus winnings.
And then when they hit square one, they won’t be happy at all.
Even though they technically haven’t lost anything, they will feel thegambler’s remorse.
It is never easy to judge the exact maximum your bankroll will hit.
The player may hit another bonus round, and end up with three times their cash.
But even then won’t necessarily quit while they are so far ahead.
Such as when you are down half your bankroll, and you desperately want to make up the distance.
During your gaming, you need torecognise these signs early.
Dont think about the money lost in previous rounds.
Think about your bankroll at that given moment in time.
Such as betting on the lottery, or when you sit down to play a progressive jackpot slot.
Theallure of hitting that rare jackpotand winning life-changing sums of money is a real motivational booster.
Unless, you intend to play tens of thousands of spins at the progressive slot.
Or, buy hundreds of thousands of lottery tickets.
Yet the conceit works a little differently here.
The idea is not I will keep playing til I hit it big.
You could be playing the lottery for decades without hitting a jackpot.
Instead, our conceit makes us believe we have to play.
If you don’t try the games, you will miss out on that small chance of winning.
Taking a more pragmatic view, expert bettors generally rule out jackpots as theprobability of winningis just too small.
Sure, it is tempting to try, and anticipating a win willpump up your dopamine levels.
Side bets come with the biggest house edge, which is why a lot of expert players avoid them.
Illusion of Control and Skill Based Conceit
Theillusion of controlis arguably the most dangerous gambler’s fallacy.
But you are not guaranteed wins.
However good you are atcard countingor making snap decisions.
Yet the gambler’s conceit here can blind your judgment.
But luck will not always come your way.
However refined your strategy is, you must always set a loss limit.
If you hit the limit, be prepared to accept the losses and quit the game.
How to Prevent Gamblers Conceit
Its not as simple as curbing your expectations.
The conceit rises from the hope that you will beat the house and win.
Something that also amplifies the pleasure of gaming, the very reason why gambling is so fun.
Ourrewards system is flooded with dopamine in anticipationand wins reinforce those feelings.
But you cannot get ahead of yourself.
Casino games must be treated as sources of entertainment.
If you win big, you could either leave the game or choose to keep playing.
Therefore, we always advise players to set loss and win limits.
you’re able to also integrate progressive betting strategies to help avoid the inevitable (going bust).
Don’t exaggerate your limits, but choose conservative and realistically achievable targets.
That way, you save funds for the next gaming session, where you may find more success.
Daniel has been writing about casinos and sports betting since 2021.
