I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?
The situation you mentioned was unfortunately a bad experience for your friend. Undoubtedly, the main reason for this situation is due to the greedyness of people. Although the person has set a goal for himself, he continues to bet with the ambition to win more if that goal is achieved. Afterwards, the balance is deducted below the target set first and the person continues to play to reach his target again. Of course, in this process, the current balance is gradually melting and finally ends. This is not just a behavior seen on your friend, it is a behavior seen on almost all gamblers. First, we lose after psychology of gain and then because of loss psychology. There is also a psychological problem for everyone who gambles, and the happiness gained with $ 1 is less than the sadness achieved with $ 1 lost.