What is Risk Taking in Gambling?
Gambling means the betting or staking of something of value, and it can take various forms, including online betting casino. It is done with the hope of gain, on the outcome of a game, or an uncertain event whose results are determined by chance. Gambling involves an element of risk, a high probability of loss against a smaller probability of large gain. More generally, it is the act of betting money in formats like sports games, casino bet online, live game betting etc.
Gamblers engage in such risk taking, exposing money not only to negative expected outcomes, but also to variable outcomes. Some gamblers also risk other aspects of their lives like job or family to maintain a habit with negative returns. Though it is unclear whether gamblers have a general affinity for risky outcomes or their risk-preference is specific only to the gambling domain.
There are many famous gamblers in history which are known for their popular wins and streaks. Archie Karas, one of the most popular gamblers who has the longest and largest documented casino gambling winning streak. Also, gambler Phil Ivey is known to be one of the world’s best poker players. One of the most famous sports gamblers, Billy Walters, has a winning streak that extended over 30 years. Some other famous gamblers are Bill Benter, Edward O. Thorp, Wild Bill Hickok, and the list goes on.
Fascinating Case Studies of High Profile Billionaire Gamblers
If you’re curious about what it looks like to be a billionaire gambler, here are two case studies of high profile gamblers.
- Bill Benter – Bill Benter started his career as a professional gambler in Vegas. He was so good at blackjack that he was banned from the majority of Las Vegas casinos after seven years of winning. After blackjack, he focused on horse betting with the late Alan Woods. He developed a computer software to predict horse race winners, and is rumoured to make over $100 million per year. As of now his net worth is over $1 billion.
- Tony Bloom – Tony Bloom is known for poker and sports betting in his early days. Bloom’s fortune comes from a number of business ventures but his gambling skills undoubtedly made it on the list. He got noticed after ditching his job as a trader to become a professional gambler, and making his name in the world series of poker tournament of champions. He’s nicknamed as the “lizard” because of his cold blooded gambling approach, and is believed to have a net worth of $1.7 billion.
Psychology Behind Risk Taking & How it Affects Our Minds
We all know someone who may love extreme sports like bungee jumping, skydiving, or tombstoning. While most of us find comfort in stability, they may be willing to undertake more spontaneous excursions. Risk taking is a part of life, and even simple tasks like driving and walking come with risk.
Risk taking is a decision-making process in situations that involve uncertainty and in which the probability of all outcomes is already known. Personality plays a major role in a person’s propensity for risk taking behaviour. Some studies indicate that people with a combination of anxiety, moodiness and worry are more likely to become risk-takers.
Risk taking causes changes in the brain, which may make risk-takers become adrenaline addicts. High risks release adrenaline, which can lead to a quick rush and dopamine, which causes intense feelings of pleasure. As these chemicals combine, the feelings can be especially addictive to people who are struggling with feelings of sadness or depression. Over a period of time, risk-taking can function much like a drug. Risk-takers eventually need bigger risks to get the same rush, and daily activities can start to seem boring and painful.
6 Strategies & Tactics Used by Famous Rule-Breakers
- The Martingale – The Martingale betting strategy is easy and this system will theoretically provide a profit every time. This strategy calls on you to double bets after every loss. The goal is to win back your losses and earn a small profit in the process.
- Value Betting – Value betting is the way of getting maximum value out of situations where you have a long-term advantage. This term is often used in poker, but can also describe how blackjack card counters operate.
- The Labouchere – The Labouchere is a negative progression betting strategy like the Martingale. The main difference between them is that it’s less risky.
- Oscar’s Grind – Oscar’s Grind is another negative betting strategy in the same vein as the Martingale. But this one is much more complicated.
- Betting on Baccarat’s Banker Hand – Baccarat gives you three different betting options, which includes the banker hand, player hand, and tie bet. And the main system for playing baccarat involves making the banker bet every time.
- Making Even-Money Bets in French Roulette – Roulette offers three main variations, which are American roulette, European roulette, and French roulette. The best version is French roulette where you make even money bets as it only has a 1.35% house edge.
What We Learned from the Biggest Gamblers in History?
Gambling teaches us some life lessons, as long as we are disciplined enough to pay attention to these lessons. All the big gambles in history are enough to make us understand and realise a few important things. It taught us the act of money management. Well, it’s because as a gambler, there is a budget that it is highly advisable you stick to because this helps to prevent addiction. Also, the biggest gamble in history made us identify what is worth and what isn’t. As a gambler, one will always come across offers that might seem too sweet to be true. It is important for the gambler to understand what he is putting his money into.
Is Gambling Worth it?
Gambling can be worth the effort if the individual is smart enough to use the gambling tools at their disposal. However, since the bets that are made have real money value the potential rewards won as a result of gambling can generate profit for the individual. If the individual is careful with his spending, he usually chooses minimum stakes. In gambling, the higher values you stake, the bigger the rewards you can win especially with platforms like King567 that offers a plethora of casino games under one umbrella.
On the other hand, there are also people who think gambling is a complete waste of time and money. That’s perfectly fine, as everyone is entitled to their own opinion and gambling isn’t necessarily for everyone. If someone doesn’t want to gamble, then they shouldn’t be encouraged otherwise.
Though there’s no definitive answer to the question of whether or not gambling is really worth it. Gambling totally depends upon the individual’s psychology and risk taking ability. There are many who would say that gambling is worth it as per its rewards. As for gamblers, it’s an extremely enjoyable pastime if done responsibly.