6 common gambling mistakes and how to avoid them

While gambling is a fun and exciting way to pass time and spend your time online more productively, it has the potential to frustrate you and become a money pit. Many gamblers, both new and experienced, can easily fall into common traps that end up costing them money (and their sanity!).

Making mistakes is part of being human but if you know what they are, you can take corrective action as soon as you see them coming. Here are six of the most common gambling mistakes you need to be aware of along with our tips on how to sidestep them:

1. Mismanaging your bankroll

The term “bankroll management” is thrown around quite regularly in the gambling world but to put it in simple terms, it refers to managing your expenses and income. Basically, it’s how much you spend and how much you bring in each gambling session. If you’re not fastidious with this and keeping a close eye on your bankroll, you can land yourself in hot water very quickly.

Every gambler has their preferred bankroll management method, whether per session, weekly, monthly or setting year-long plans. One of the best practices you can implement is setting a limit for yourself for every session and not spending a cent over that amount no matter what. You should also maximise using bonus codes and promotions to effectively manage your bankroll. For example, Polish gamblers can access several bonus codes or kod bonusowy from reputable online casinos that will enable them to place more bets while using less of their own money.

2. Placing bets for the sake of it

When you’re in the zone, it’s really easy to get swept up in the game and end up on autopilot placing your bets. You might come to a point where you wonder what you’re doing and why you just placed that bet or made a certain move. While it’s tempting to continue, the best thing to do when you find yourself betting for the sake of it is to step away from the game and take a break.

This is quite common when the game you’re playing is slow-moving, tedious or not gripping your attention. You don’t want to waste your money on something that is not bringing you any real enjoyment, plus you’re much less likely to place winning bets when you’re not engaged, so step away!

3. Playing games you don’t understand

Another very common error gamblers make is going all in on games they don’t fully understand. This is a sure way to lose a lot of money and become extremely frustrated… so any glimmer of enjoyment is lost. If you want to place serious bets, stick to games you know well and if you’re trying something new, start small — never go all.

Be sure to do your research on the games you’re playing to understand their volatility, return to player (RTP) percentage, rules, strategies and any other characteristics that could impact the outcome. Make sure the games you choose to play suit your playing style and bring you enjoyment because, at the end of the day, the ultimate goal should always be entertainment and fun.

4. Chasing losses

Sometimes letting your ego get in the way of how you play can cost you big time. If you find that you keep losing, the frustration can drive you to try again… and again… and again… until you find yourself in the red, irritable and seriously out of pocket. If you’re on a losing streak, it may be time to step away and cut your losses. Sure, your ego may take a knock, but your bankroll will thank you!

5. Betting more money than you can afford

It is human nature to get a little cocky sometimes, so in the heat of the moment, it can be all too easy to place all your proverbial cards on the table and spend way more than you can afford to lose. GambleAware recommends setting betting limits so you are unable to spend more than your limit to ensure you keep your spending in check and avoid this costly mistake.

6. Attempting to outsmart the house

This may be a hard pill to swallow, but the reality is that the house will always win. The casino has a built in advantage known as the house edge that ensures the house is always in the winning seat overall. If they didn’t have this advantage, they would go bankrupt by letting you win every time. Sure, the online casino is giving you welcome bonuses and promotional codes, but at the end of the day, they will always have the upper hand because they need to make a steady income to keep their business running.

Final takeaway

Gambling will always involve an element of luck and require knowledge of the game and strategic thinking. Unfortunately, no matter how good you are, you can still make mistakes. By knowing what they are and how to avoid them, you can avoid losing money unnecessarily and focus on keeping gambling fun.