And the simple question is - Should a gambler be afraid of losing money to gambling? Why not simply stay away from gambling then?
I was In a group chat on WhatsApp yesterday when a member told us he won his 5 odd bet was very angry still, he said it didn't feel like a winning to him and would have been better if he had lost the bet, many of us were surprised as to who in their right senses wishes themself loses in sports betting.
I later tried to find out what actually happened and discovered the dude had only put around $0.7 on the bet and won around $3.5 (amount not enough to even buy him a snack and a bottle of bear), this was the reason he was not happy and wished the bet ended in a loss 😁.
I later in the chat asked him why didn't he bet a bigger amount of money like atleast between $20 and $50, any of this amount would have given him a nice total win amount from $100 and above, he responded saying he initially wanted to bet $15, but he was afraid of losing this money, coupled with the fact that he wasn't also sure the bet would win, and I then asked him, why is he now angry for winning a small amount of money when it's completely his fault? And what is the essence of gambling in the first place when the fear of losing money outweighs the desire to win big amount of money?
This sort of gambler has been cowed into submission out of fear that was driven by his losses. Let's say this person was sports betting, I am guessing that on average most of his bets will fail and he is keeping that part of the conversation quiet. If he has 6 losing bets for every that he places (at that particular win multiplier) then he is still losing. However I think it is find to dabble at the low end of betting, if you want that practice or to just experience the thrill of winning without putting much at risk. If you intend to get better over time then starting with low amounts is a valid strategy, but if you're getting angry at only winning back small amounts then I am not sure you understand the dynamics enough to build a strategy.