The gambler’s ruin and the gambler’s conceit
Gamblers tend to exhibit different behaviors as they ply their trade. By observing these behaviors, you can possibly understand a gambler’s way of thinking. The gambler’s conceit and the gambler’s ruin are the most common types of behaviors. If left unchecked, these compulsive behaviors can lead to “problem gambling.” For many people, especially those who show symptoms of these traits, gambling is harmless fun. For the purpose of this article, perhaps it is important to shed light on the gamblers ruin and the gambler’s conceit.
Gambler’s ruin
In the world of gambling, you are faced with two options. To win or lose money. There are instances when a gambler has made it a to add a fixed amount onto the next bet when he wins. On the same breadth, the gambler fails to reduce the amount wagered by a specific amount when he loses. If you are this type of gambler, you’re probably battling with the gambler’s ruin. The concept behind this behavior is it will render you broke at the end.
A further illustration of the gambler’s ruin is when two persistent gamblers go head-to-head. The only difference between these two individuals is that one of them has finite wealth. On the contrary, the other person boasts of infinite wealth. In this scenario, the gambler’s ruin will manifest itself and the individual with finite wealth will probably end up broke.
The famous dice-game in ancient India helps to illustrate the thought process behind the gambler’s ruin. Back then, it is said two prominent individuals, Yudhisthira and Shakuni, who hailed from different kingdoms, engaged each other in a game of dice. However, Yudhisthira was reluctant to play probably because he feared he did not have much money to his name. True to his fears, he began to lose game after game to his opponent. In any case, Shakuni was a past master in the art of gambling. The duel saw Yudhisthira lose his money, jewels, gold, and silver. Having lost every material possession, Yudhisthira wagered his wife, siblings, and himself. Still, he ended up losing those as well.
Gambler’s conceit
Many are times when gamblers believe they will steer away from risky behavior. Nonetheless, they continue to entertain it in thoughts and deeds. For such types of gamblers, they believe they are capable of exerting self-control. If you are caught up in this behavioral pattern, probably you’re thinking of how you will quit playing after reaching positive cash territory. More often, you will find yourself uttering these words: “I’ll quit when I’m ahead.”
While your intention might be noble, the gambler’s conceit is likely to impede you from achieving your objective. Time and again, a gambler has little motivation to quit, especially if luck is on his side. The string of winnings will persuade the gambler to come back for more.
In essence, this behavioral pattern appears to follow the footsteps of the gambler’s fallacy.
In games of chance, an instant payout casino has an upper hand. Within a nick of time, the casino will be on the verge of taking away all the player’s money. Not to appear greedy, the instant payout casino will afford you a few wins. The idea is to keep you occupied for as long as possible. This psychological warfare illustrates the idea behind the gambler’s conceit. Many casinos will go further to provide players with free alcoholic drinks. This simple gesture encourages players to keep on gambling.
The secret to avoiding the gambler’s ruin and the gambler’s conceit is restraining yourself from gambling. Quit gambling for a while, and when you resume, ensure that you apply some sane and sensible strategies. If you opt to quit, you will derive intellectual satisfaction of having let go of a dangerous addiction. Do not console yourself that you will give up this practice once the profits are gone. To further beat these compulsive behaviors, always aim for consistency. If you happen to be deep into the game of risky practices, you should cut it off right now. Brief periods of success may instill false confidence that elicits an unnecessary psyche. Such a kind of unwarranted psyche will deprive you of the discipline needed to drive you towards the path of responsible gaming. Doing away with these behaviors will put you in the bracket of gamblers who are in it for the long haul.