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The Psychology of Gambling

What is it that makes gambling so appealing to human nature? I suspect that it’s because, when it comes down to it, once we’re old enough to make our own decisions we find that every choice in life is a gamble. Getting a job, getting married, moving city or country, having kids, whatever we choose – they’re all choices we have to make, and none of them have guaranteed outcomes.

So what I think, is that the reason so many people enjoy roulette gambling is because it feels familiar. We’re used to ‘taking a gamble’: we’re used to making choices.

Also, most of us recognise that ‘luck’ plays a role in how our lives turn out. We can work hard, get a good education and do all the right things, but sometimes it’s just a lucky break that we get that promotion or meet a special person.

And luck is, of course, an essential element in casino gambling. We can mitigate that factor by understanding the odds and the most favourable ways to play roulette, but we can’t eliminate it entirely.

Casinos know all about this and they play on your willingness to take a risk, to gamble for ‘something better’.

Step into a casino and you enter a carefully constructed environment: a mysterious world of wealth and possibilities.

The world of casinos and casino roulette gambling has a romantic, glittering appeal for many. It is inhabited by such glamorous figures as James Bond, princes and wealthy oil sheiks. It is a theatre where huge dramas are played out, fortunes made, and inheritances squandered. In the public imagination it is the place where the handsome high roller gets the girl and the bewitching heiress stacks her chips on the roulette table.

Casinos like to promote this image. They like to postpone the intrusion of reality (and the sensible judgments that come with it) by diminishing any sense of time: often, you will find no clocks in a casino and, usually, no windows. Roulette play flows continuously; changes of croupier, for example, cause barely a ripple of disruption. Money is handled discreetly by converting it into smooth, plastic chips. Additionally, as your pile of chips gets smaller you are supposed to forget that you are, in fact, losing real money

Casinos do not, however, want you to lose all your money. They want you to lose some of it, but to then win some back. This is because if you lose all your money, you will probably never go back to that casino, which will mean the casino has lost a potentially valuable customer. If, on the other hand, you lose some and win some back, you will remember the winning more than the losing and keep returning to the casino. You may also tell your friends, and they may be tempted to visit the casino, too. As long as you and your friends lose a little more than you win, the casino will always be ahead.

Even if you are a winner, the casino will encourage you to stay and play, a little while longer. This is because the longer you stay, and the longer you play, the more likely the casino’s mathematical edge will kick in. This is the casino’s ‘trump’ card.

The House Advantage

The house advantage gives a satisfyingly predictable return for the casino management. As a result, their sole objective is to encourage you to play more games. They want you to relax. To stay a while, to have a cup of coffee on them or a sandwich, sometimes even a meal- or, if you’re seriously rich, they’ll put you up and take care of your every need. You just keep playing and allow a little more time for the casino’s mathematical edge to work. Winners are made especially welcome, to encourage them to stay around or come back soon. Winners are no problem; some people are bound to win and they provide good publicity. The problem is keeping the losing majority happy, and keeping them playing. And a large part of their success lies in maintaining the fantasy of coming out a winner.

All of these subtle pressures can affect players, causing them to become careless or overly optimistic or, and this is most common, reckless when they hit a losing streak.

There are ways to counter these subtle psychological pressures

Be aware of the ‘mind-games’ that casinos play. No matter how impressive and exciting the surroundings, no matter how cheap the meals, how generous the staff, remember that they want your money.
Know the game you’re playing. Don’t just walk in the door and start throwing money around, it’ll all be gone before you know it. Most people who go to resort casinos fall into this category. They don’t know the games they are playing very well, and they lose money on reckless bets. But if you study the rules of the games you are going to play and make an effort to understand the laws of probability, you are in a good position to turn the odds in your favour.
Realistically, you are only ever likely to be able to master one game completely, so choose your game, study it, and keep to it.
Set yourself a time limit.
Set yourself a win limit: set yourself a loss-limit. Leave when you reach either target.
If you’re on a losing streak, if things just ‘ain’t going well’: quit. Walk out the door and come back another day. After all the Casino will be there tomorrow. When you’re gambling and losing, your natural inclination will be to try and do something to win. That can often be the worst strategy. By continuing to gamble, you’re risking more of your bankroll, and you have a greater than average chance of losing. Why? Because now you’re playing with ‘scared money’: that is, money that you never planned to risk, but now believe you must. Because you’re under pressure, your judgment will be off and your decisions not so good. You will play with your emotions rather than rationally and therefore expose yourself to losing even more.
Keep cool. When you get angry, emotional, exasperated or you feel that you simply don’t care, you are going to lose.
Assuming you’re taking the game of roulette seriously and trying to win with it: then take along some ‘play’ money as well. Have a go at another game in the casino or play the slots for ten minutes. Have some fun; take the pressure off once in a while.
And number one rule to remember - quit while you are ahead.

With self-control, knowledge, and intelligent money management, then you will have, at the very least, a good evening’s entertainment. At best, you’ll walk out of the casino a winner.

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