Online gambling is first traced to the mid-1900s and later became fully legitimate and regulated in the early 2000s. Currently, this industry is estimated to be worth 66.7 billion US Dollars in the year 2020. This value is set to rise to an estimated 92.9 billion US Dollars. The figures reveal the growth rate in this industry, which is projected to double in size in the coming year. Gambling has been a popular practice over the years, it`s origin traced to China in the 9th century. With the growth of technology, online gambling offers a convenient, distraction-free, anonymous, cheap, and versatile alternative. It is also more likely to have huge jackpot prizes as compared to physical casinos, meaning more potential gains for gamblers.
Despite its popularity, online gambling is considered to be a high-risk practice due to the unpredictability it comes with. By definition, it is referred to as any kind of game that involves placing bets, that take place on an online platform. Some of the most popular online gambling activities include poker, blackjack, casino games, and sports outcomes. The whole basis of gambling conducted either physical or online is that there has to be a winner or loser. This article explores what makes a successful gambler, and the traits that the most successful gamblers have in common:
- Take time to study – To succeed in any venture in life, it is necessary to take time to learn and understand the dynamics of that activity. Gambling is often disguised as a get-rich-quick scheme. Most novice gamblers make the mistake of rushing into it without properly understanding the rules of the game, the contracts and regulations involved, and with little to no practice. Most times, this does not end well and the painful lesson is learned too late. Successful gamblers know that what is most important is knowing the game, what the odds are, and what the returns will be. They have also taken the time to craft their skills through observation so as to become the best at what they do.
- Learn from their wins and losses – Going hand in hand with the first point, successful gamblers make it a point to learn from their gambling activities. Gamblers do this by taking a record of their entire gambling activities including the bets they placed, the games they played, and their wins or losses. In this way, they are able to analyze between the strategies that work and that should be used more often; and the ones that have not been successful. Successful gamblers are also aware of the payments that they have accumulated to the precise amount.
- Know their limits – Successful gamblers know where the limits are when it comes to the amount of money they can bet. The gamblers have practiced the art of separating themselves from their emotions when making bets. This is especially important for online gamblers since the convenience that comes with placing a bet through a debit/credit card may not leave much time to deliberate if making the bet is the best decision. Successful gamblers prevent themselves from being influenced by enthusiasm or failure and instead place bets carefully and calmly.
- Play at a lower level – When it comes to casinos, playing at a lower skill level is advantageous in more ways than one. For the beginners, it offers a relatively safer learning experience since the number of bets placed is lower than what would be placed in a higher skill level. For experienced players, playing at a lower skill level can also be advantageous. This is because even though the bets are lower, the chances of winning are higher. In the case where a lot of games are played, the payments can cumulate to an impressive amount.
- Diversify and minimize your risk- Gamblers have perfected the art of ensuring the best possible outcome even if it’s a loss. This is done by dividing the gambling money into different games. This increases the chances of winning. With online gambling, this becomes very convenient since all this can be done from the comfort of your laptop/computer. Most gamblers also divide their wins and place a bet with the remaining amount, for instance, setting aside 50% of their payments, to ensure that not all their wins are lost.
Gambling is best practiced with a sound mind and with limits set in place. It has been known to be hazardous especially when the gambler is not able to restrain themselves as they can quickly become financially bankrupt. The gambler needs to be careful with this activity to prevent it from becoming an addiction. In the case of an addiction, it is recommended to consult a mental health practitioner. However, when practiced carefully and in moderation, online gambling has the potential to be very financially rewarding.