Allow me to set up a scene you might have experienced in the past.
A gambler is up big, having doubled or even tripled his bankroll in a mere hour of playing their favorite table game. He’s feeling confident and unbeatable, so he takes all of his winnings and puts them on one massive wager.
If you’ve been on the losing end of one of these bets, you might know the rest of the story.
That bet comes up short and all of those winnings are collected by the dealer. The streak comes screeching to an abrupt halt and reality sets in.
As the gambler watches the dealer rake in chips, a thought creeps into their mind, “I should have quit while I was ahead.”
In the world of real money gambling, hindsight is 20/20, and it’s easy to make this sort of declaration after suffering a hit to the bankroll. But just because you lose spectacularly, it doesn’t mean you must admit defeat.
Here’s everything you need to know about recovering from massive losses at the casino.
Avoiding Massive Losses
The easiest way to avoid these sorts of scenarios is to not put yourself in the position to lose a majority of your gambling bankroll in the first place.
Gambling is cyclical, and there are countless peaks and valleys you must navigate through. When you’re winning, it’s important to control your spending habits.
You should continue to play your game the correct way and bet responsibly. By doing so, you can sustain inevitable losses without running the risk of losing everything.
But that might be easier said than done. When it seems like you can’t lose, and a heater won’t end, it’s natural to want to capitalize on this good fortune.
The problem is that neither you nor anyone else knows when luck will run out. Instead of tempting fate, play to your strengths and don’t adjust your style of play.
Consistent Risky Betting Isn’t Viable
You might not see the downside of winning huge, risky bets. The size of your bankroll increases, your confidence likely soars, and it always feels great to beat the casino house edge.
However, winning these types of bets is one of the worst things that can happen to a gambler who lacks self-control or a great deal of experience.
When you win these wagers that are far too risky, you might think that it’s worth putting a significant portion of your bankroll on the line more often. But that’s not the case.
Continuing to place unnecessarily large wagers is an unsustainable method of gambling. To make matters worse, some gamblers will spend the rest of their time gambling trying to chase the feeling that comes with massive wins.
Unfortunately, those types of victories are hard to come by and aren’t a normal part of a sharp bettor’s gambling experience.
Immediate Damage Control
So, now that I’ve laid out why you should avoid max bets, it’s time to discuss how exactly one should handle massive losses.
When a bet doesn’t play out and you crash back down to earth, there are a few things you should do:
- Establish how much money you have left in your bankroll
- Push back from the table to take a break from gambling
- Consider walking around, grabbing a drink, using the restroom, etc.
- Clear your head and try to find an emotional balance
These types of losses are devastating, and some people tend to react to them poorly. Whether that involves an emotional breakdown or impulsive betting to win money back, it can be challenging to handle it appropriately.
Hopefully, you still have some money left in your bankroll. If so, there’s a path to redemption. If not, it might be time to call it a night.
Gamble Where You Can Win
Bouncing back from big gambling losses can be incredibly difficult. Not only do you have to reset your mind and keep your emotions in check, but you must also find a way to win your money back.
It’s hard to say which is more taxing. Once you’ve established that you have enough funds in your bankroll to proceed, there are a few ways to do so. Some might opt to place another sizable bet while others will try to attack it slowly and steadily.
The second method typically stands a better chance of succeeding. To start, it’s important to locate the game that you know best and where you’ve experienced the most success in the past. Going back to a table game you’re familiar with is one of the best things gamblers can do to start collecting wins.
Sometimes, that feeling of normalcy and comfort is enough to help guide you back in the right direction. If you lost all your money at the craps tables, then it’s worth pursuing another option like blackjack, roulette, poker, or even slots.
Taking a step away from a game that puts a sizeable dent in your bankroll will work wonders.
Lower Your Betting Amount
After finding a table where you feel comfortable, you need to start winning hands if you aspire to win some of your money back from the house.
Once you get on a roll, you can think about increasing your bet size. But until your winning percentage eclipses 50%, doing so would simply result in more losses.
Rebuild Your Confidence and Casino Bankroll
By decreasing the size of your amount per bet, you will not only build up your bankroll but your confidence as well.
Confidence is something that many gamblers overlook when they mull over the gambling process. But if you’re not confident, you’ll struggle to win money.
Unfortunately, when you lose a massive amount of money in a matter of minutes or even seconds, confidence is likely the last thing you’ll feel. Losing is a deflating feeling, especially if you’re losing an amount of money that causes distress.
As I mentioned in the previous point, small wins aren’t negligible. Sure, your bankroll won’t increase immediately, but with every hand you win, you’ll prove to yourself that it’s possible to get back to even.
Don’t Repeat Similar Gambling Mistakes
Once you work your way out of a hole, you must remind yourself of where you came from.
It’s easy to develop myopia and short-term memory in a casino. You can easily convince yourself that you already got your big loss out of the way, and it won’t happen again.
Once again, casino odds and luck don’t care whether or not you’ve already lost a great deal of money.
Success comes to those who play with skill and self-discipline and avoid gambling mistakes. It will be tempting to put all of your winnings on one bet, but remember how crushing those huge losses are.
Everyone wants to win big at a casino. Most of the time, it’s a good idea to take your winnings and walk away instead of pressing your luck.
Lose Less Money With These Gambling Tips
Gamblers that lost big are a common sight in the casino world. Casino games can be streaky. And when you’re on a heater, it’s hard to resist feelings of overconfidence.
If you fail to quit while you’re ahead and wind up losing all of the money you previously won, there are a few things you must do.
First of all, take a step away from gambling to avert further disaster. Many gamblers’ first impulse is to continue to place large bets in order to win their money back. But this usually makes the situation even worse.
Instead, collect yourself and try to go back to square one. Find a game you know you can win and decrease your bet size per hand.
Half of the battle involves restoring your confidence after sustaining tough losses. Once you do so, you’ll put yourself in the best position to win some of your money back from the casino.