No one is perfect and we all make mistakes, but learning from mistakes is essential. Repeating mistakes you should already have learned from is a red flag.
Sooner or later, in every field of endeavor, overconfidence becomes a problem. No matter how good you are at your job, someone will eventually outdo you.
As a gambler, and this is true for anyone who takes intentional risk, it’s crucial to believe in the inevitability of your success. Otherwise, why are you gambling with real money in the first place?
It’s true that as long as a gambler believes there’s a chance of winning, then the game is worth playing. But when the player begins feeling so overconfident that he neglects basic strategy, he undermines his own success.
Here are a few examples of how overconfidence leads expert gamblers to make easily avoidable mistakes.
1 – Check the Rules Before You Start Playing
When you’ve played the table games so many times that you know the rules by heart, you stop looking at the posted table rules. Those players might even think they don’t need any pointers or gambling tips.
This isn’t disastrous, but I’ve known more than a few gamblers who were caught by surprise when they learned things weren’t as they expected.
When casinos began switching over from 3:2 blackjack to 5:6 blackjack, more than a few players were caught by surprise. How often do the posted rules change?
Not often enough to keep us checking. I’m not going to play conspiracy theorist and say the casinos were hoping for this. It was an easy mistake to make and a few people were caught off guard.
On the other hand, some keno players assume that all the video keno games are the same. That’s not true. Their rules are decided by their manufacturers, you must remember this important casino tip. The casinos might even request special games.
And taking your video keno experience to another variation of the game is risky, too. The probabilities and payout odds can change from state to state, casino to casino, style of game, etc.
I’ve even heard some older slot game players complain that their favorite games stopped paying as well. The casinos may not like changing the percentages on the slot games, but they do have that option. I’m sure it’s happened. although not as often as some players believe.
If a game publishes an estimated return to player, check it every time. While knowing the RTP doesn’t guarantee you anything, you can adjust your expectations if need be.
By the same token, if you consider yourself an expert in blackjack or poker because you’ve been playing for a few years, the live casino experience is a different card game. Even if the rules are the same, it offers a different experience.
2 – Don’t Overlook the Terms and Conditions
I used to follow several online gambling forums closely. They offered to intervene with online casinos if players complained about not being paid or, worse, losing their accounts.
Sometimes, an online casino is labeled as “rogue” because they don’t work to resolve player difficulties. But in my experience, sometimes the players who reported these casinos just weren’t reading the terms and conditions carefully.
Casinos may be faulted for making these agreements complicated and hard to find.
Some online casinos publish two terms and conditions documents. One is for the general casino account and one is for all the bonus offers.
When I was more active in online gaming, I was frustrated that casinos didn’t just combine these documents. Once I figured it was standard, I checked every site for a second document. I know for a fact that a lot of players don’t do practice this gambling tip, even though they’re experienced gamblers.
As long as you don’t violate the rules and the casino pays you on time, you can live blissfully in your ignorance. But it’s all on you if you neglect to learn the terms and conditions of the casino or bonus that you use.
3 – Keep Track of Wins and Losses
This is more of a problem for me when I’m gambling with my wife. One of us will lose when the other is winning. We hand money back and forth.
Sooner or later, we’ll realize that we’ve blown through our bankroll. If we’re lucky, we both win at the same time, but you can’t count on that.
Budgeting is a vital casino tip if you don’t want to start dipping into your savings account and credit cards. Know how much you have to play with at all times!
Even online gaming can be problematic if you don’t transfer your entire account balance to a game. I’ve seen a few players admit they didn’t realize they had drained their full balances by transferring too much money to their active game balances.
There are several popular methods for tracking your money. One that I’ve tried a few times is putting all my money into separate tickets or chip stacks early in the evening. I only play blackjack games with my blackjack budget. And when that’s gone, I don’t borrow from the slot game budget.
If I get ahead early on, I’ll siphon off some of my winnings into a reserve fund. I decide later if I want to gamble with that money or leave the casino with it.
4 – Don’t Assume You’re Good Enough or Better Than Everyone Else
This isn’t much of a problem at blackjack tables, except when some opinionated drunk starts criticizing other players. Thankfully, this doesn’t happen too often.
I have a few friends who play poker and they tell me that overconfidence can be a big factor in both online and land-based games. One friend even told me the best poker players use less experienced players’ overconfidence against them.
Overconfidence is also a factor to think about in sports betting.
You need to be confident in your picks, but if you use an online sports betting exchange to create your own market, you’re taking on extra risk.
The bookies aren’t just setting odds on the basis of their opinions. They take the balance of wagers on both sides of their prop bets into consideration. The bookies want to earn a commission and the players want to win bets.
When you start making your own book, you need to create reasonable offers. If you overextend yourself because you think you’ve got a sucker on the line, you’re asking for trouble.
5 – Evaluate Playing on Margin or Credit
I’ve faced this situation before. It was a combination of not being ready to call it quits at the casino and also being out of cash.
There was a credit card in my wallet that was fully paid off, and it was far too easy to borrow a thousand dollars. While it worked out okay for me, this may not be your ideal scenario.
But it may not seem too bad for a player who is being staked or sponsored by someone else. As long as they win overall, their sponsors stay in the game.
The idea of investing in a gambling career takes some people back, but it’s definitely becoming a big business. And how is it any different than investing in a startup or a well-established corporation?
Investors buy shares of stock even as it drops into the penny stock range. Until someone stops buying the stock, it will always be a risky investment rather than a sure loss. The corporation might dig its way out of a hole just as a player may start winning again.
If you’re confident in your skills and your abilities, playing on someone else’s credit may just be a helpful gambling tip for you.
6 – Never Neglect Personal Finances or Life Expenses
Every gambler should pay attention to their personal finances. Most people gamble occasionally for entertainment and are playing on a tight budget.
It’s the regular players who risk putting themselves into bad financial situations.
As long as you pay your bills and build your savings, you have the leeway to gamble your discretionary income.
When you start borrowing from your household budget, it’s probably time to take a break. Put your personal finances into order, build up your budget again through bankroll management, and wait for a better day.
The casinos aren’t going anywhere!
I can think of a few dumb mistakes I’ve made where I really should have known better. I can’t undo them now, but the lesson to learn from makes future mistakes easily avoidable. Never allow your overconfidence to make decisions for you.
As soon as you let that feeling of being unstoppable make your decisions, you’re back to making an avoidable mistake. Only make rational and reasonable choices when you’re gambling, and that goes for your gameplay and your bankroll management.