If I quit gambling because of losing the money and the loss is not too much, I am a smart bettor because if someone can not minimize their losses effectively, he may lose too much money. He must stop gambling instead recover his losses because that can make him losses more money. Losing some money will be okay but if the losses become big and we also lose control, that will not be okay. We will not become smart bettors because we don't know what will happen next and that will add more losses.