Phil for Humanity Phil for Humanity
A Guide for the Survival of Humankind and Helping the World, Society, and Yourself.

Gambling Advice

Some people just don't know how to gamble properly. Therefore, I have these four suggestions for anyone thinking about gambling.

First, do not gamble anything that you cannot afford to lose. This may seem obvious to most people, yet some people still gamble away their life savings and even their homes. Always assume the worse case scenario that you will lose your entire bet, and then determine how that would financially affect you. If you can not afford the loss, then don't gamble.

Before starting to gamble, always have a limit of how much money that you are willing to lose. When gambling, it is easy to get caught up in the moment and lose a lot of money very quickly. Therefore, always pay attention to how much money that you have lost so far, so you can reasonably limit your loses. And always stick to the limit.

If you are going to gamble, gamble big. My philosophy is to only gamble in games that have the possibility of winning a life altering amount of money. For instance, the scratch-off tickets in the supermarkets typically have a maximum winning limit of a few hundred or even a few thousand dollars. For me, this is not a life changing amount of money to win, therefore I never purchase scratch-off tickets. On the other hand, I could win millions of dollars when buying lottery tickets, so I consider lotto worthy enough to gamble on. Of course I know that I will probably never win, but the chance to win something really big is the only reasonably good incentive to gamble.

Finally, gamble for fun. Gambling should only be a form of entertainment, not a source of stress. If it is stressful, then stop gambling. This is the primary reason why I do not gamble with my friends on poker nights.

I hope these rules help you gamble logically and carefully. And good luck!

by Phil for Humanity
on 04/25/2008

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