- One way you may be losing money at the casino without knowing is by not understanding the games.
- Another way could be because of greediness when it comes to doubling your bets.
- Failure to take advantage of casino promotions will also cause you to lose more money than you should.
We all know that heading to the casino means there’s a good chance we’ll end up on the losing side sometimes, but are you doing anything that’s speeding up the rate at which you part ways with your cash?
It might sound counterintuitive, but there are actually several ways in which you can wave goodbye to far more money than you need to, merely due to poor planning or naivety.
Let’s dive into some of the key areas where this might happen, starting with a fundamental lack of knowledge about the games you intend to play.
1. Lack of Knowledge About Casino Games
Everyone starts out as a beginner, so don’t be embarrassed if you don’t entirely understand how a certain game works before you start playing. However, it would be best if you didn’t relied entirely on what you see in movies, watch on YouTube, or even witness at other tables.
Head to any casino (brick-and-mortar or online) and you’ll find that most have tutorials, beginner guides, or even staff members who can show you the basics. It doesn’t matter if you want to learn how to play roulette or simply want to learn how to use a progressive slot machine; take the time to comprehend the ins and outs of each game before risking your own money.
Another element to gaming knowledge is pride. Sometimes, we are too proud to ask questions, fearful of looking foolish in front of others, but that’s no way to live — or gamble!
Sure, it might feel embarrassing to admit you don’t know the difference between a straight and a straight flush when sitting at a table, but trust us: people much less cooler than them have asked similar questions before, and the chances are, nobody will bat an eyelid. In fact, many experienced players will remember being just as new to the industry at one point.
Besides this, failing to understand how a game works will almost certainly lead to you making costly mistakes once you start placing wagers. And it’s not just beginners who fall into this trap.
Even those with years of experience under their belts can come unstuck if they jump into a game blind, especially if it’s a variant they have never encountered before.
For example, let’s consider video poker — a game many seasoned players enjoy. On the face of it, it appears very similar to slots, with players typically spinning a virtual reel in search of a winning hand.
However, as any experienced poker player will attest, things work quite differently when playing video poker. Rather than aiming to beat the dealer or the other players at the table, you must attempt to build the strongest hand possible — one that will yield the biggest payout.
This hands-on approach to learning the differences between various gaming genres might seem cumbersome, but it’s by far the best way to internalize the nuances and reduce the likelihood of errors.
There’s nothing wrong with making mistakes — we all do it. The main issue arises when said blunders drain your bankroll and leave you with nothing to show for your time.
One common mistake we see regularly at Casino Professor has to do with payouts. Some novice players appear to believe that higher payouts are bad things, celebrating when they lose and screaming blue murder when they win.
Of course, this is madness, but when you delve into why some folks make this mistake, there’s often method to the apparent madness.
Earlier, we touched on gaming knowledge, and sometimes, payout mixed-ups arise from a simple lack of comprehension. Most land-based casinos in the US use a common payout structure across their floors, with the house always winning a greater percentage of bets on certain games than others.
Therefore, savvy operators keep payouts lower on titles with a higher house edge, making it more likely that you’ll lose over the course of a session.
Yet, online casements often work in reverse, offering bigger payouts on games with higher house edges. Confused? So are some players — but only for a few seconds.
Best No Deposit Bonus USA Casinos 2023 (Updated/Instant Payouts)Once they realize that winning $25 on a $10 bet is frustrating (the house took $7 of your cash), they quickly adapt their mindset and start celebrating losers and getting annoyed with winners. Thankfully, these folks are a rare breed outside of the casino world, right?
Wrong.
When students were put to the test in a psychological study back in 2009, around 40% of participants displayed evidence of the “bets-are-not-lotteries” phenomenon — celebrating losses and crying into their pillows whenever they won.
The good news here is that this condition appears to be contextual, meaning individuals cannot be clearly identified as exhibitors outside of a lab environment. Phew.
But it does highlight the importance of understanding how payouts work — and, more importantly, how they relate to the house edge.
If you head to our section of the site, we cover this concept in great detail. Suffice to say for now that the house edge represents the casino’s advantage within any game, with everything the payout ratio inversion refers to as the law of large numbers — essentially, the greater the volume of wagers you place, the closer your betting results will mirror the long-term expectations set out by the house edge.
3. Greed When Doubling Down
We are all greedy to a certain extent; otherwise, we wouldn’t dream of facing the odds stacked so heavily against us when we walk into a casino.
Some people have a better grasp of this greed from the beginning, and one way they show this is by doubling down on their bets. This usually happens when they first start playing and experience an initial loss.
They think to themselves that if they double their bets, they can eventually get back all of the money they lost – plus a lot more, of course.
While this type of thinking can be applicable in certain situations, like investing in the stock market, it’s generally not a good idea inside a casino. The main reason for this is that the rate at which you are losing money increases exponentially when you increase the size of your wagers.
In other words, you can soon find yourself in a position where you need to win multiple consecutive hands/games/spins just to break even.
But it isn’t just the potential for rapid bankroll decay that should worry greedy gamblers. There are some games where doubling down after a loss is flat-out impossible.
Blackjack is a case in point, with most tables imposing a maximum stake that players must adhere to. Even in games where bet sizes are more flexible, increasing wagers at precisely the right moment is an art form in itself.
Sure, it’s relatively easy to make such decisions with the benefit of hindsight. Yet try telling someone who has just lost a series of hands that they erred by sticking with their original bet denomination, and they were right to “chase their losses.”
Moving on from the concept of doubling down, another aspect of greed that can lead to excessive spending is the concept of “reinforcing rewards.”
4. Not Taking Advantage of Promotions
Nobody enjoys watching their money slip through their fingers, which is why many casinos offer incentives designed to attract new players and retain existing customers. These come in many shapes and sizes, with some of the most common including , bonuses, rebates, and loyalty programs.
While it’s true that taking advantage of these offers can help you mitigate losses and potentially boost profits, many players fail to maximize their potential benefits.
Why is this? Well, much of the psychology behind promotion usage stems from a behavioral quirk known as “reinforcement,” whereby we tend to repeat behaviors that are followed by a pleasant outcome (or avoided when coupled with an unpleasant outcome).
Put simply, if you receive free spins the next time you lose $20 on slots, the pleasurable nature of hitting agency reinforces the behavior of chasing wins. Of course, this effect is far more complex in reality, with myriad variables affecting its manifestation from one individual to the next.
Indeed, many factors can influence how people respond to casino promotions, with age, gender, culture, prior experience, and emotional state all playing a role.
That said, researchers have identified several broad trends that can help us better understand why some players fail to capitalize on available offers. For instance, older adults tend to be more risk-averse than younger individuals, making them less likely to chase losses or pursue unlikely jackpots.
Best Online Casinos in Louisiana 2023 - LouiSportsBet ReviewWomen also demonstrate more conservative betting strategies than men, potentially explaining why they are more likely to redeem offers such as bonus credits that come with low-risk wagering requirements.
Moreover, cultural background can exert a profound influence on promotion usage. Individuals from collectivistic cultures, such as China and Japan, often place a greater emphasis on social norms and relationships than those from individualistic cultures, such as the United States.
As a result, they may be more inclined to utilize offers that enhance their social status or reputation within the casino environment, such as VIP programs providing access to exclusive events and personalized service.
Emotional state also plays a crucial role in determining how people respond to casino promotions. Individuals in a positive mood are more likely to take risks and pursue potentially lucrative offers, while those feeling anxious or overwhelmed may stick to familiar games or shun promotions altogether.
Ultimately, the psychology behind promotion usage is multifaceted and context-dependent, reflecting the complex interplay between individual differences, situational factors, and the enticing allure of casino excitement.
So, next time you find yourself chasing losses or turning down a tantalizing offer, take a moment to reflect on the intricate web of psychological influences shaping your decisions. Who knows? Maybe you’ll develop a healthier, more strategic approach to gambling and those irresistible promos.
Of course, understanding the psychology behind promotion usage is one thing, but actually profiting from offers is another. To give yourself the best chance of success, we suggest reading as many casino reviews as possible.
These will outline the pros and cons of joining various sites, allowing you to compare different platforms before committing to one.
Additionally, make sure you fully understand the terms and conditions attached to any promotion before claiming it. While a 100% match deposit bonus of $1,000 might sound appealing, the associated playthrough requirements could make it nigh-on impossible to meet the wagering thresholds before withdrawing your cash.
Finally, don’t be afraid to negotiate directly with pit bosses or customer support agents. Many casinos are willing to offer customized perks and discounts to loyal players, so it never hurts to ask.
Best Online Casinos in the USA (2023) - Top US Casino SitesIn short, staying smart when it comes to casino promotions can go a long way in mitigating losses and enhancing your overall gaming experience.
5. Playing Too Long & Ignoring Hunger/Fatigue
How many times have you sat down to play an hour or two of your favorite game, only to glance at the clock several hours later and wonder where the time went?
We have been there countless times ourselves, lost in the mesmerizing rhythm of flashing lights, whirring machines, and the intoxicating scent of cigarette smoke and sweat.
Yet as the sun begins to rise and our vision starts to blur, a nagging voice in the back of our minds asks, “Should I really be still playing?”
Psychologists refer to this phenomenon as “time distortion,” describing how certain experiences can warp our perception of duration. But what factors contribute to this sense of heightened subjectivity in casino settings?
According to experts, two key processes underlie temporal distortions during gambling: sustained attention and cognitive effort. Put simply, activities that demand our full focus and mental energy can make time seem to pass more slowly, whereas tasks that are monotonous or require little thought can lead to the opposite effect.
This helps explain why slot machines—with their repetitive spin cycles and minimal decision-making—often give rise to the subjective experience of accelerated time. Conversely, more complex games such as poker or blackjack, which engage strategic faculties and sustain vigilance, can make the minutes tick by at a leisurely pace.
Of course, individual differences also play a role in shaping these temporal experiences. Factors such as age, attention span, and mood can influence how rapidly or slowly time seems to pass, as can medication use and neurological conditions affecting temporal processing.
But whether you’re a seasoned high roller or a wide-eyed neophyte drawn in by neon promises, it’s essential to heed the cautionary whispers of fatigue and hunger. For beyond the fleeting thrills of chance and skill lies a darker realm where time loses all meaning and every bet feels both inevitable and urgent.
In short, next time you find yourself spellbound by the casino’s siren song, pause and ask yourself: am I hungry? Am I tired? If the answer is yes, kindly remove yourself from harm’s way and nourish that mortal coil lest it rebel and drag thee down into the abyss of bad decisions and regret. Your future self will thank you for it.
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6. Chasing Systems That Aren’t Working
Have you ever noticed how a seemingly foolproof betting strategy can suddenly crumble into a steaming pile of profit-less ruin? It’s enough to make you scream into the void, “What the hell just happened?!”
No Deposit Bonus Casinos in Australia (2023) - Top Free Spins OffersRest assured, dear reader: you are not alone in your confusion and frustration. Such moments of strategic disintegration have puzzled gamblers for centuries and continue to confound even the sharpest minds in the field today.
At their core, betting systems revolve around defining rules for placing wagers, often involving progressively increasing or decreasing bet sizes based on previous outcomes.
While some approaches boast legendary pedigrees—Martingale’s 19th-century lineage, for example, or the Fibonacci sequence’s mystical mathematical heritage—these tactics share a common weakness: vulnerability to extended runs of luck, colloquially known as “hot streaks” or “cold periods.”
In other words, no matter how carefully crafted your system may be, it’s ultimately at the mercy of the whims of chance. And therein lies the rub. Because no matter how confidently you cling to your meticulously crafted formula, there’s always the possibility that lady luck will spit in your eye and send your calculations spiraling into oblivion.
But why does this happen? What dark forces conspire to derail our well-laid plans and leave us clutching our remaining folding money whilst cursing the heavens?
According to the fickle nature of probability, my friend. That elusive mistress who seduces us with false promises of pattern and order, only to dash our hopes upon the rocks of improbability.
Probability, in essence, is the language of chance, outlining the potential outcomes and their relative frequencies within a given game or scenario. It provides a framework for understanding the long-term tendencies of random events but carries two critical caveats:
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Probability deals in averages, not absolutes. Just as the flip of a fair coin has a 50% chance of landing heads or tails, each outcome is equally likely on an individual basis. But what happens when you flip that coin a thousand times? Yes, you’ll likely end up with roughly 500 heads and 500 tails. However, it’s mathematically possible to record sequences wildly divergent from this expectation. In fact, if you were to flip a coin ten times in a row, the probability of encountering at least one stretch of five consecutive heads or tails hovers around 5%.
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Probability speaks to likelihoods, not certainties. Just because an event has a high probability of occurring does not guarantee its inevitability. Think of it as a crowded room filled with people throwing darts at a target. Although the laws of probability dictate that the bullseye will accumulate more hits than the surrounding area, each dart remains an independent act of chance. Some may veer off course, others might strike gold, and a select few could even draw blood (depending on the skill level of your average dart-thrower, of course).
Now, how do these principles apply to betting systems? Simply put, the very nature of probability makes extended runs of success or failure not only possible but statistically expected over the long run.
In other words, no matter how meticulous your Martingale plan or Fibonacci sequence mastery, a streak of unfavorable outcomes is bound to rear its ugly head at some point. And when that happens, your tidy balance can transform into a steaming mess of red ink faster than you can mutter “close, but no cigar.”
Of course, this isn’t to say that betting systems are inherently flawed or devoid of value. Used judiciously as a tool for entertainment rather than a guaranteed path to riches, they can add a thrilling element of strategy to your casino adventures.
Just be prepared to embrace the chaotic dance with Lady Luck, recognizing that her steps may at times be unpredictable, unruly, and downright infuriating. But isn’t that part of the allure? The rush of defying probability’s cautious embrace and flirting with the untamable muse of chance? Embrace the madness, my friend. Just don’t say I didn’t warn you.
7. Using Credit Cards/Loans to Chase Losses
Unlike some of the other ways people lose money without realizing it in a casino, this one is pretty straightforward. Nobody in their right mind would borrow money to pay off credit card debt, right? Well, perhaps they wouldn’t … unless they were planning a trip to the casino.
Statistics show that around 2% of Americans borrow money specifically to fund their trips to the casino, with credit cards the most commonly used source of funds.
It gets worse, too. Around 40% of casino patrons using credit cards to feed their habit end up defaulting on their payments, according to figures from the National Opinion Research Center at the University of California, Berkeley.
Default rates among non-casino goers using credit cards barely registers at 1.8%, but mix the two together, and all hell breaks loose.
Ask yourself this: if you needed the money to pay basic bills, would you borrow it to go to the casino? I doubt many of us would, but the lines can become somewhat blurred when it comes to covering previously accrued gambling debts.
Some folks view these two expenses as cut from the same cloth, particularly if they have already dipped into savings or missed rent payments to fuel their addiction in the past. It’s a dangerous mindset, of course, but one that can take hold fairly easily if left unchecked.
But as the saying goes, knowledge is power. Understanding the various ways we can waste money in a casino is the first step toward developing healthier habits and enjoying the thrill of chance without falling into the abyss of financial ruin.
online poker jobsAfter all, who doesn’t love the sight of coins clanging into a bucket or the satisfying swish of chips finding their home in the center of the blackjack table? Let us embrace these moments with open hearts and wallets, vowing to separate our casino frolics from our financial fundamentals. Our futures self will thank us, trust me.
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8. Using ATMs Within Casinos
This one is a bit like using credit cards to chase losses, except it tends to hurt a little more when you receive that folded up bunch of ones, fives, and twenties from the ATM.
We aren’t naive; we know most of us aren’t going to borrow money to gamble, but we are all guilty of pulling out the plastic and hoping for the best at some point, right?
Harboring delusions of grandeur is a common theme among casino patrons, with around 75% admitting to setting overly optimistic budgets before arriving at their favorite venues, according to a survey conducted by the National Opinion Research Center.
Now, setting aside a little extra spending money when you’re on a roll might not seem like the worst idea in the world, but the fact that around half of participants exceed their limits by a considerable margin should raise a few eyebrows.
Perhaps unsurprisingly, problem gamblers stand out as the primary culprits in the ATM corner, with around 70% admittedly using machines located within casinos to extract money for their next round of bets.
It gets worse, too. Data shows that these individuals typically withdraw far more than they originally intended, often leading to further borrowing or missing bill payments to settle their casino debts.
Casinos are well aware of these tendencies, which is why the majority carry ATMs on their premises. Around 65% of adult gamblers report seeing cash machines within casinos, with around half of these devices owned and operated by the house.
There’s no denying the convenience factor here, but it’s worth pointing out that casinos don’t provide this service out of the kindness of their black hearted souls. Nope, they make around $2.4 billion a year in ATLocation-related fees, according to one estimate.
Furthermore, studies have found that around 80% of users withdraw more cash than initially planned when using an ATM. Perhaps they would think twice about caving into those impulses if there weren’t so many convenient cash machines scattered around the casino floor.
I guess what I’m trying to say is this: next time you find yourself reaching for that glittering tower of plastic and buttons, ask yourself, “Do I really need to use this ATM? Wouldn’t it be wiser to stick to my budget and maybe… I don’t know… Plan ahead a little better?” Your bank account and future self will undoubtedly appreciate your contemplation.
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9. Drinking Too Much
We aren’t telling you something you don’t already know, right? We have all seen the protagonists in movies drink copious amounts of alcohol only to end up at the slot machines, pouring money in mindlessly hours later.
The link between drinking and gambling problems is well documented, although causality is a complex beast in this regard. Does having a few drinks lower inhibitions, making us more prone to risky behavior at the tables? Or are folks turning to the bottle as a means of coping with mounting losses and crippling debts?
Whichever way you slice it, alcohol and casino games are a match made in … well, perhaps not heaven, but somewhere in the neighborhood. Around 65% of adult gamblers confess to consuming alcohol while visiting a casino, with around a quarter admitting to overindulgence.
But here’s the thing: while a few drinks can certainly loosen the ol’ purse strings, recent research suggests that the relationship between booze and bad decisions might not be as clear-cut as we once thought.
A team of psychologists from the University of Missouri recently found that while alcohol can indeed impair judgment and increase impulsivity, these effects vary widely between individuals. Moreover, other psychological factors, such as personality traits and motivations, can exert a stronger influence on risky behavior than inebriation per se.
Best bet365 Casino Live Blackjack Tables You Need to Try in 2023This doesn’t mean that casinos are bastions of sober strategizing, of course. Far from it. But it does challenge the notion that drunkenness is an ironclad precursor to financial folly. Some folks can handle their liquor and stick to their budgets and walking away from games when they get a streak going.
Kudos to those people, by the way. Now, where were we? Ah, yes – wasting money at the casino.
While the causal links between drinking and gambling troubles may not be as straightforward as we once believed, there’s no denying that substances and finance don’t exactly make the best bedfellows. Next time you’re considering that fifth tequila sunrise, ask yourself, “Is my judgment sufficiently reliable to navigate the treacherous waters of chance and risk with nary a ripple?”
If the answer is “not really,” may I suggest designating a trusted companion as your personal Casino Sherpa, charged with ensuring you don’t accidentally climb Mount Everest of Debt while in a slight haze? Your bank manager will thank you, trust me.
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10. Believing Myths About Increasing Chances of Winning
Last but not least, another way to lose money in the casino without realizing it is buying into various myths and superstitions about increasing your chances of winning.
There are plenty of old wives’ tales that float around the gambling community, so I won’t bore you with all of them. Instead, I’ll touch on three of the most popular misconceptions.
Throwing the Shoes Close to the Head Pin
Okay, this one is more relevant to bowling alleys than casinos, but it’s a good place to start. According to a poll of nearly 1,700 bowlers, just under half believed that there was a connection between where you place the ball return and future scores.
Worse yet, around 25% admitted to delaying game play or altering their shooting position based on where the pin carrier ended up.
Now, I’m no physicist, but it stands to reason that the only thing influencing your score is how well you throw the damn ball. Where the pin carrier ends up is out of your control, so worrying about it is a waste of energy, to say the least.
Best Real Money Gambling Apps - Top Casinos & Games to PlayLeaving When You Have Won
Another widespread belief is that you should quit while you’re ahead. Unfortunately, this one is dead wrong, too.
There’s a tendency for winners to become more risk tolerant, seeking to lock in those sweet gains. However, this can often lead to impulsive decisions and chasing larger wins, ultimately resulting in bigger losses.
Data gleaned from 465 casino players bears this out, showing that those who adhered to the “win and out” philosophy had smaller net losses on average than folks who stuck around. However, the “big win chasers” recorded the highest victories, offsetting eye-watering average losses.
In simpler terms: yeah, you might bag a big prize if you keep playing, but the chances are you’re going to bleed a lot of cash along the way.
Blowing on Slot Machine Machines
No list of gambling superstitions would be complete without a reference to blowing on slot machines, right? Almost half (48%) of adult participants in one study reported using this technique (or some other form of kissing, tapping, or wishing upon gaming), despite… well, there’s no data on whether it actually works.
Personally, I think if blowing on a slot machine makes you happy and doesn’t impact anyone else, knock yourself. Who cares?
It’s the myths that influence our gameplay that cost us money, like the idea that a slot machine is “due” to pay out, so putting in more cash will increase our chances of triggering a jackpot.
Nope. Each spin is an independent event, governed solely by the RNG module hidden deep within the machine’s circuitry. Past results have absolutely no bearing on future outcomes.
Now, I’m not suggesting that believing certain superstitions will instantly empty your bank account. Some folks blow on slot machines and never leave the place without their shirt. But these beliefs can influence the way we play, and that’s where problems can arise.
Next time you find yourself contemplating a pre-spin lip lock, ask yourself, “Am I doing this because it’s fun, or because I genuinely believe it will improve my odds?” Once you understand the distinction between harmless entertainment and potentially wallet-emptying nonsense, you’re on the road to recovery.
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Kevin Roberts, previously published under the pseudonym Noah Davis, is one of the more diverse writers at GamblingSites.com. Like many of his colleagues, he's a huge fan of both football and basketball. But he also writes about box office records, TV show prop bets, DFS, horse racing, and all kinds of casino games. For the last four years, he's covered it all, providing readers with no-bsy analysis and useful tips to help improve their gambling bottom line.
When it comes to the NFL, Kevin is their expert. He's published articles on how to build a winning fantasy franchise at every position, written tips features on betting on the NFL, and finds the prop bets related to the league that are worth and not worth betting on.
