I assume that people come to the gambling industry as inexperienced people. And in the process of their activities, they gradually learn from their mistakes. Unfortunately, some of these mistakes are dramatic and cause us quite serious psychological trauma. As a rule, this is due to gross errors and stupid persistent beliefs that push us to the edge of the financial abyss.
First of all, this is risk management and money management. The second is probably unsystematic play. Let me make a reservation that I do not mean casinos, as well as people playing "for fun". I mean sports betting.
So, how much did your mistakes cost? Did they cause you a serious psychological blow? What were your mistakes, did you learn from these mistakes and do you apply this knowledge in practice now? Were these mistakes simply painful, dramatic or catastrophic?
I could not completely wrap my head around everything you said but going with the part I was able to grasp, I would say that I've made only one mistake on sports betting since I started, and the mistake was catastrophic, I didn't only risk losing money which I eventually lost, but I also risked losing my life which I didn't even know until I lost the money, then I realized that my life was involved too and if not by God's grace, I would have lost it too.
The mistake I made was over confidence in the football team, over confidence lead me into betting on them the amount of money I could not afford to lose, the lost was very painful because the money involved was one that was of utmost importance to me and my business which almost crumbled as a result of the loss.