How Much Money Did You Lose Gambling

Losing in slots is far from uncommon. In fact, gamblers lose way more money on slot machines than anything else in the casino.

The main reason why slots take the most money from players is because they're more popular than any other casino game. However, popularity isn't the only reason why slot machines drain bankrolls so quickly.

Compulsive Behaviors Gambling and The Self: A Sure Bet (To Lose Money) On the psychological appeal and trappings of gambling. Posted May 29, 2012. The next matter is to figure out how much you'll theoretically lose per hour. Losses depend upon multiple factors, including your play rate, volatility, and RTP. But if you're playing at a reasonable speed and don't hit any huge payouts, then you can often expect to lose between 200 and 300 bets per hour. Finance worker at airline catering firm who blew so much of her bosses' money on online gambling she got VIP status is jailed for four years for swindling £680,000 A destructive illness I suppose. Happily, an illness I am completely immune to.

If you lose money with these games, don't feel bad. You're among millions of gamblers who count slots as their Achilles heel.

But then again, you don't have to be exactly like these other players. All you need to do is identify the main reasons why you're losing in slots and fix the problems.

I'm going to discuss seven likely reasons why you're losing and what you can do to change things around.

1 – Choosing Low-Paying Slots Games

Return to player (RTP) determines how much a slot machine is programmed to pay back in the long run. Higher RTP means that you have a better chance of winning.

As important as this concept is, though, many gamblers completely overlook RTP. Even if they know what this term stands for, they may still ignore payback and simply choose games based on the themes, graphics, and features.

You should definitely pick slot machines that you find entertaining. After all, the entire point of playing slots is to get the most entertainment possible.

But you should at least be mindful of payout percentages and what they mean for your bankroll. Below, you can see a comparison between two slots and how much you'd theoretically win playing each one.

• Slot A offers 95% RTP (5% house edge)
• You bet $1,000 on this game
• 1,000 x 0.95 = $950 in theoretical winnings with Slot A
• Slot B offers 90% RTP (10% house edge)
• You bet $1,000 on this game
• 1,000 x 0.90 = $900 in theoretical winnings with Slot B

RTP isn't the only determinant in how you'll fare with a particular slot machine (see volatility). However, you should obviously still consider games that give you the best chance to win.

2 – Playing at Too Fast of a Rate

Slots move faster than any other casino game. These machines allow players to perform 500 or more spins per hour.

This setup makes for constant action and stimulation. However, it also puts your bankroll against the house edge more often.

You might look at a $10 blackjack table, for example, and see an expensive game. But what's not accounted for is that the average land-based blackjack table only sees 60-90 hand per hour.

Betting $1 per spin on a slot machine doesn't seem so expensive compared to a $10 minimum blackjack wager. This thought goes out the window, though, when you're performing 600 to 700 spins an hour.

You also have to figure that slot machines have a higher house edge than most other games. This fast play rate combined with a larger house advantage can lead to serious losses.

Legal online poker new jersey. Here's a comparison between a land-based blackjack table and slot machine regarding losses:

• You bet $1 per spin on a slot machine
• You bet $1 per spin on a slot machine
• You perform 600 spins in an hour
• The game has a 7% house edge
• 600 x 1 x 0.07 = $42 in theoretical slots losses
• You bet $10 per hand at a blackjack table
• You play 60 hands in an hour
• The blackjack game has a 1.5% house edge
• 60 x 10 x 0.015 = $9 in theoretical losses

3 – Chasing Comps

Many gamblers see comps as one of the most rewarding parts of playing slots. After all, who doesn't love getting a free meal after a long session?

You're certainly in the right to pick up these rewards whenever you play slot machines. But you should never get so caught up in comps that you start playing longer just to earn them.

Gambling comps aren't all they're cracked up to be. In fact, your theoretical losses will be much greater than the rewards are worth.

Here's an example:

• You bet $2,000 on a slot machine
• The comp rate is 0.1%
• 2,000 x 0.001 = $2 in rewards
• The game's house edge is 5%
• 2,000 x 0.05 = $100 in theoretical losses
• 100 / 2 = 50
• The theoretical losses are 50x higher than the comps

You can see above that you're only getting a 0.1% comp rate, which is common in both land-based and online casinos.

I'd like to see gambling establishments raise the rate to better reflect the high house advantage with most slots. 0.2% or 0.3% seems more reasonable when considering that slot machines have a big house edge.

Actually, these rates used to be common in casinos up until the 2000s. Unfortunately, gambling venues are much stingier with rewards.

That said, you should never extend a session just to upgrade to a free hotel room or lobster dinner. You're better off paying for these items outright, rather than playing to earn them.

4 – Playing Too Much in Land-Based Casinos

One big reason to play slot machines in a land-based casino is the atmosphere. You can enjoy the sights and sounds of the casino while you're spinning the reels.

Brick-and-mortar venues are also great for when you want to play slot machines with your buddies. Your group can spin the reels for a few hours, then go get a meal afterward.

The biggest problem with playing in land-based casinos, though, is that slot machines carry a bigger house edge on average. You're normally dealing with between a 5% and 12% house advantage at brick-and-mortar establishments.

The size of the casino's advantage often depends upon the coin denomination. Penny and nickel slots don't pay as much on average as quarter, dollar, and $5 games.

Of course, you shouldn't be forced to spend $1 or $5 every round just to enjoy better RTP. Unfortunately, this is the reality of land-based casinos.

5 – Playing Highly Volatile Slots

Volatility is the measure of how results are disbursed in relation to a statistical average. A highly volatile casino game will see results vary wildly from the stated RTP, while a low-volatility game will have evener results.

Slot machines definitely fall into the high-volatility category. They feature some of the most uneven results possible. You may find yourself winning lots of big payouts in one session, only to quickly lose all of your money the next time at the casino.

They offer large prizes at the top, which creates an uneven pay structure.

Given the jackpots, these games must be programmed to pay out less often to make up for large prizes. Therefore, you're not going to win as much with a slot machine as you would with baccarat.

You have to be perfectly fine with the fact that you're going to experience long dry spells with slots. But even when you're comfortable with this fact, you may still become frustrated after losing again and again.

6 – Falling Into the Slots Trance

Slot machines are sometimes referred to as the 'crack cocaine of gambling' by mainstream media outlets. This description goes a little too far, but it does describe their addictive qualities.

Slots can actually put certain players into a trance where they forget their surroundings and only think about what happens on the reels. Research confirms that problem gamblers describe being in a trance-like state when spinning the reels.

Everything from the entertaining animations to vibrant sounds keep players glued to these games. Gamblers get so engrossed in the entertainment aspect that they don't think about how much money they're betting or the amount of time that's gone by.

Losses disguised as wins (LDWs) are another factor that keeps players engaged with slot machines. An LDW refers to a payout that's smaller than their bet size.

For example, anybody can logically see that a $0.50 prize doesn't equal a $1 bet. But slot machines have a way of deceiving players into subconsciously believing that they're winning.

Payouts — large or small — are accompanied by triumphant sound effects and flashing lights. Combining these theatrics with the fast play rate, a gambler can quickly lose track of when they're actually winning and losing.

Slots developers have gotten pretty good at knowing what elements keep people playing slot machines. Unfortunately, some gamblers haven't caught on to their game.

7 – Ignoring Bankroll Management

Bankroll management (BRM) refers to developing a money management strategy for your gambling sessions. BRM is especially helpful with slot machines when considering everything we've covered so far.

A good plan helps you factor in the quick play rate and high volatility of slot machines. You can therefore budget appropriately and avoid betting more money than you originally planned.

The sad thing, though, is that far too many slots players ignore the concept of bankroll management. They simply spin the reels as quickly as possible and don't want to worry about how to best handle their funds.

This strategy is perfectly fine for anybody who's got a lot of money and doesn't care how much they lose on slots. But it doesn't typically go over well for the average person.

How Can You Fix Your Slots Issues?

You can't magically make slot machines pay more money or have less volatility, but you can take steps to minimize your losses and make your slots sessions memorable rather than miserable.

Each problem described above has a solution that can minimize losses. Here are some key strategies that will help extend your bankroll and give you more entertainment out of slot machines.

Research Slots RTP

Due to how volatile slot machines are, you can't expect most of them to reach their stated RTP in a given session. But if you're somebody who plays a lot of slots, then you want to consistently choose games with high payback.

Doing so ensures that you have a stronger chance of winning in the long term. The only question becomes how you go about researching RTP.

This matter is actually easy with online slots because there's a lot of information available on payout percentages. You can often find the RTP for a given slot, or even a list of the highest-paying games.

If you're playing Rival Gaming's Dr. Magoo, for example, you can simply Google 'Dr. Magoo RTP.' You'll quickly find that it offers 97.0% RTP.

However, you'll find this information for the vast majority of internet slots.

The same can't be said of land-based games. Casinos can order different payout percentages, which means that developers don't offer uniform RTP for each game.

As mentioned before, your only tool is to look at the coin denomination and make a guess. $5 and $25 slots pay the highest, often delivering between 95% and 98% RTP.

Dollar, quarter, and nickel slots usually pay between 94% and 96% RTP. Penny slots machines are the worst, normally only offering from 88% to 91% payback.

If you're in the mood to bet more per spin, you might as well go with the higher coin denominations due to the better RTP.

Play Online Slots More

I just described how you'll have an easier time finding payout percentages for internet slots, but this isn't the only reason why you want to play these games more often.

Online slots generally, offer higher payback on average and feature lower stakes. The average internet slot offers around 95% RTP, regardless of whether you're betting a penny or dollar on each line.

Some games, such as Mega Joker and Ugga Bugga, deliver over 99% RTP. This payback puts these games up there with baccarat, blackjack, and French roulette in terms of your odds of winning.

You still have to factor in the quicker play rates and volatility, but you can at least expect a higher chance of winning per spin when picking online slots over their land-based counterparts.

Don't Chase Comps

Slots comps can be misleading and feel like they're worth more than they really are. Sure, it's nice to earn a free steak dinner or cashback.

But these rewards suddenly don't seem so great when considering that your theoretical losses can be 50x higher than what they're worth.

In the end, you want to play slot machines normally and let the rewards come as they may be. You should never make a concentrated effort to play slots just to keep picking up more rewards.

Understand Volatility

Volatility is one of the most underrated concepts when it comes to slot machines. Many players either don't know about it or completely dismiss it when picking games.

But you should never ignore volatility; it plays a big role in your immediate winnings. Moreover, slots with low volatility will see you earn more payouts on average.

Low-volatility slots typically feature smaller jackpots and fewer bonus features. While these aspects may be turnoffs, you also have to consider that such games can afford to pay more frequently.

They don't have to hold back wins in anticipation of somebody hitting a huge jackpot or earning lots of bonus money. Instead, these slots feature a more consistent payout structure due to the smaller chances of somebody winning big.

You may still find it more exciting to play slots with huge jackpots and/or multiple features, but just be aware that you probably won't win as frequently with these games.

Set Up Your Bankroll

Bankroll management isn't the most exciting thing, but it definitely pays off in the long run. Having a detailed plan for your slots funds helps you avoid betting too much money and enjoy more sessions.

You may think that BRM is a long process and be put off the matter. However, you can actually come up with a good bankroll plan in a matter of minutes.

Any money set aside should not be needed to pay bills and other expenses.

The next matter is to figure out how much you'll theoretically lose per hour. Losses depend upon multiple factors, including your play rate, volatility, and RTP.

But if you're playing at a reasonable speed and don't hit any huge payouts, then you can often expect to lose between 200 and 300 bets per hour.

The final step is to consider how much you're going to be risking on average. If you typically bet $0.25 per spin, then this would be your variable.

Here's an example on putting all this information together to formulate a bankroll management plan:

• You have a $1,000 bankroll
• You bet $0.25 per spin
• 1,000 / 0.25 = 4,000 total bets
• You lose 200 bets per hour
• 4,000 / 200 = 20
• Your bankroll will theoretically last for 20 hours

This example only provides a theoretical guess on how long your bankroll will last. Plus, you could either win big or lose at an accelerated rate.

But knowing this info at least gives you an idea of how long you can expect to play slots with a certain amount of money.

Set Your Phone Alarm to Break Your Concentration

Even when you know about the trances that slots players can fall into, it's still difficult to avoid this zone 100% of the time. That said, you should take precautions to ensure you don't become too engrossed in a game.

An easy way to do this is by setting your phone alarm for scheduled breaks. You can input multiple alarms in your smartphone, which will go off at different intervals and break your concentration.

You'd be hard-pressed to ignore a shrill alarm sound while you're playing slots. Once you shut off the alarm, you can get up and move around the casino to take a break.

This process will not only clear your mind but also make sure that you're not mindlessly staring at the reels and ignoring everything else in the casino.

Conclusion

Losing with slot machines is rarely attributed to just one reason. Instead, you can see where multiple problems can weigh into the matter.

First off, many players fail to properly research RTP, but this research can easily be performed with online slots, which offer publicly available payout percentages.

Land-based casinos don't have RTP figures for individual games. However, you can make vague assumptions based on the coin denomination size.

How Much Money Can You Lose Gambling

Keep in mind that land-based slot machines aren't the best in terms of payback anyway. They have higher house edges and can cause greater losses.

A fast play rate can also lead to larger losses. Most players spin the reels somewhere between 500 and 700 times per hour.

This speed gets costly, even when you're only betting $1 per spin or less. You should take a few breaks to slow your play rate and get your mind off the machines for a while.

You also want to avoid chasing comps. These rewards are nice bonuses on top of your play, but they're not worth quite what they seem.

How Much Money Did You Lose Gambling Per

Slot machines are among the most volatile games in the casino, which means you must be prepared to suffer wild swings. You can play games with smaller jackpots and fewer bonus features to reduce volatility in most cases.

You should also consider adopting a bankroll management plan. BRM will help you remain responsible while playing slots and avoid gambling too much in any single session.

Unfortunately, you can't force slot machines to change with regard to payback or volatility, but you can follow the tips listed here to minimize your losses until you hopefully hit a jackpot or two.

Do you feel like you're losing too much money gambling? If so, that can be a serious problem. You'll probably find plenty of advice aimed at problem gamblers or gambling addicts. That advice usually amounts to absolute abstinence, which, frankly, is the correct approach—if you're really a problem gambler.

On the other hand, you might not have an addiction. You might be a recreational gambler who overdid it one weekend. Compare it to the person who goes to a party one weekend and overindulges and wakes up with a hangover. That, by itself, doesn't qualify one for membership in Alcoholics Anonymous. It takes a little more drinking than that.

If you're a recreational gambler, here are 10 reasons why you're losing so much money gambling, and here's what you should do instead:

1- You're Placing the Wrong Bets at the Casino

All casino games have a house edge—a mathematical advantage for the casino that's impossible to beat in the long run. They create this edge by creating a game where the odds of winning are worse than the payout odds. One easily understood example is roulette. A bet on a single number at the roulette table has a 37 to 1 probability of winning. (You have 37 ways to lose, and you only have 1 way to win.) But that bet only pays off at 35 to 1 odds.

It's important to realize that this is a long-term mathematically expected result, and in the short run, the results are random. Your actual results will only start to look more like the mathematically expected results over a long period of time. But the more negative expectation bets you place, and the higher the house edge is, the more money you'll stand to lose in the casino. In roulette, all of the bets (save one) have the same house edge, but this isn't true of every game.

Craps, for example, is a game which has some bets with a house edge of well under 2%. But it also has some bets with a house edge of well over 10%. The difference in expected value is tremendous. If you stick with the pass line bet at the craps table, or the come bet, the house edge is only 1.41% But if you start betting on silly stuff like 'hard 8,' the house edge is 9.09%.

2- You're Betting Too Much Money on Each Wager

The way to predict your mathematically expected loss per hour on a gambling activity is to use the following formula, where:

• A = The house edge
• B = The average bet size
• C = The number of bets you make per hour
• A X B X C = Expected hourly loss

Increase any of these factors, and the amount of money you lose per hour goes up. It does you little good to stick with a game where the house edge is 1.41% if you're just going to start betting $500 per roll instead of $100.

If you're gambling spending has gotten out of control, consider scaling down the stakes for which you're playing. If you're betting $100 per hand on blackjack, you can cut the amount of money you're losing in half by betting $50 per hand instead.This is true in any gambling activity where you're fighting a negative expectation. Bet less per wager, and you'll lose less money in the long run.

3- You're Using Betting Systems

Some people think that raising and lowering their bet sizes based on the previous round's results can change the odds in their favor. The most popular of these methods is called the Martingale System, and it involves doubling the size of your wager after every loss until you win.

What happened on the previous spins has no effect on the probability of getting red on the next spin of the roulette wheel. Seneca casino buffalo niagara falls. There are 38 numbers, and 18 of them are red. The probability of getting a result remains 18/38, regardless of what happened on the previous spin, the previous dozen spins, or the previous 100 spins.

The other thing that these betting systems fail to account for are the size of your bankroll and the betting limits at the casino. If you start off betting $10 per spin at the roulette wheel and double your bet after every loss, you don't need an outrageous losing streak to start putting a serious strain on your bankroll.

Losing 8 times in a row at roulette seems next to impossible, but it happens every 4 or 5 hours. Look what happens to the size of your bet when you hit a losing streak like that:

1. $10
2. $20
3. $40
4. $80
5. $160
6. $320
7. $640
8. $1280

Keep in mind that if you succeed on bet #8 or #9, your net profit for the entire progression was only $10. The rest of that bet was just to recoup your previous losses. And after losing 7 or 8 times in a row, the odds of winning the next bet are still against you. The probability is still 47.37%, no matter what happened earlier.

No betting system can compensate for having the odds against you in the first place. That's just not how gambling works.

4- You're Not Using Basic Strategy in Blackjack

Most people know by now that blackjack offers some of the best odds in the casino. The house edge is less than 1%. But that figure assumes that you're playing every hand with perfect basic strategy. Every deviation you make from basic strategy adds to the house edge.

If you're going to play blackjack, memorize basic strategy and use it on every hand. This will limit your losses. The more you deviate from basic strategy, the more money you'll lose on average over time.

5- You're Playing Slot Machines

The most expensive game to play in any casino is the slot machine. It combines lousy odds with a high rate of play, which is devastating to your bankroll. It increases the average expected loss dramatically. The average slot machine player gets in about 600 spins per hour. At $3 per spin, you're putting $1800 per hour into action. Contrast that with a blackjack player wagering $10 per hand at a reasonably crowded table. He's probably lucky to get in 100 hands per hour, which means he's only risking $1000 per hour.

Poker night 2020 imdb cast. Play whatever you want to in the casino, including slot machines, but if you think you're losing too much money too fast, you should get away from the slots.

6- You're Playing Too Many Hands at the Poker Table

One of the keys to winning at poker in the long run is tight-aggressive play. The first part of that is probably the more important part if you're losing too much money playing poker.

Tight and loose are 2 ways of describing how selective you are with which hands you play and how far you continue with them. Tight players fold most hands and only play the hands that are strong. Loose players, on the other hand, play lots of hands. Loose players might win more pots, but it's only because they're involved in more pots.

What To Do When You Lost Gambling

This doesn't mean that you shouldn't put money in the pot. Betting and raising are keys to aggressive play, which is the 2nd half of a winning poker strategy. But in terms of losing less money, the first trick you should learn is how to fold a lot. Even tight-passive players lose less money than loose-passive players.

7- You're Gambling with Money You Can't Afford to Lose

Have you ever heard the expression, 'Scared money always loses?' It's true.Scared money is money you shouldn't have been betting in the first place. It's money you can't afford to lose. Since you can't afford to lose that money, you make decisions that aren't mathematically optimal. You also recklessly chase losses in a desperate attempt to get even.

You get to the blackjack table, and you have $100 down on a hand, and you split. Then you re-split. Now you have $400 in action. Then suppose the dealer winds up with a total of 21, and all 4 of those hands of yours lose. You have $1600 left and can't pay the rent.

So you think, well, I already can't pay my rent—maybe I can catch up and get ahead by placing a couple of bigger bets. So you bet $200 on the next hand, with the intention of just getting in enough hands to break even for the night. This time you get a hand where the correct play is to double down, and you do so. But you still lose. Now you're down to $1200. You're going to lose a lot of money if you're playing with scared money.

8- You Really Do Have a Gambling Problem

It's not my place to diagnose whether you're a problem gambler or not. That's for you to decide. I can offer some clues to look for, though.

If you've ever done any of the following, you might consider getting some help for a potential gambling problem:

• You've missed work because of your gambling.
• You've felt remorseful after gambling.
• You've gambled until you were completely broke.
• You've sold something or hocked something to gamble.
• You've lied about your gambling activities.

You can find a list of 20 questions to think about if you're concerned about your gambling behavior here. That's from the Gamblers Anonymous website, but that's not the only game in town when it comes to getting help for a gambling problem.

Getting help is crucial, but I'm a believer in getting professional help as well as the support and fellowship of people who have experienced similar problems. Find a licensed professional counselor to talk with, too. Gambling addiction ruins lives, so don't let it ruin yours.

9- You're Obsessed with Climbing the Ladder of the VIP Club

I have a friend who visits the Winstar Casino more often than he'd care to admit. He has recently been climbing the ladder in the players club there, and he gets free food and rooms all the time. To pull this off, he had to gamble a lot more than he probably would have otherwise. And the way negative expectation games work is to drain your money the longer you stay in the game and the more you play.

And let's face it. The percentage that the casino awards you for your play is so paltry in comparison to the house edge that it's pitiful. Most casinos award you 0.2% or so in rewards. That might go up to 0.3% or 0.4% as you climb the VIP player club ladder. The house edge on most casino games, though, is at least 10 times that much. Most casino games have a house edge in the 2% to 4% range.

Losing in slots is far from uncommon. In fact, gamblers lose way more money on slot machines than anything else in the casino.

The main reason why slots take the most money from players is because they're more popular than any other casino game. However, popularity isn't the only reason why slot machines drain bankrolls so quickly.

Compulsive Behaviors Gambling and The Self: A Sure Bet (To Lose Money) On the psychological appeal and trappings of gambling. Posted May 29, 2012. The next matter is to figure out how much you'll theoretically lose per hour. Losses depend upon multiple factors, including your play rate, volatility, and RTP. But if you're playing at a reasonable speed and don't hit any huge payouts, then you can often expect to lose between 200 and 300 bets per hour. Finance worker at airline catering firm who blew so much of her bosses' money on online gambling she got VIP status is jailed for four years for swindling £680,000 A destructive illness I suppose. Happily, an illness I am completely immune to.

If you lose money with these games, don't feel bad. You're among millions of gamblers who count slots as their Achilles heel.

But then again, you don't have to be exactly like these other players. All you need to do is identify the main reasons why you're losing in slots and fix the problems.

I'm going to discuss seven likely reasons why you're losing and what you can do to change things around.

1 – Choosing Low-Paying Slots Games

Return to player (RTP) determines how much a slot machine is programmed to pay back in the long run. Higher RTP means that you have a better chance of winning.

As important as this concept is, though, many gamblers completely overlook RTP. Even if they know what this term stands for, they may still ignore payback and simply choose games based on the themes, graphics, and features.

You should definitely pick slot machines that you find entertaining. After all, the entire point of playing slots is to get the most entertainment possible.

But you should at least be mindful of payout percentages and what they mean for your bankroll. Below, you can see a comparison between two slots and how much you'd theoretically win playing each one.

• Slot A offers 95% RTP (5% house edge)
• You bet $1,000 on this game
• 1,000 x 0.95 = $950 in theoretical winnings with Slot A
• Slot B offers 90% RTP (10% house edge)
• You bet $1,000 on this game
• 1,000 x 0.90 = $900 in theoretical winnings with Slot B

RTP isn't the only determinant in how you'll fare with a particular slot machine (see volatility). However, you should obviously still consider games that give you the best chance to win.

2 – Playing at Too Fast of a Rate

Slots move faster than any other casino game. These machines allow players to perform 500 or more spins per hour.

This setup makes for constant action and stimulation. However, it also puts your bankroll against the house edge more often.

You might look at a $10 blackjack table, for example, and see an expensive game. But what's not accounted for is that the average land-based blackjack table only sees 60-90 hand per hour.

Betting $1 per spin on a slot machine doesn't seem so expensive compared to a $10 minimum blackjack wager. This thought goes out the window, though, when you're performing 600 to 700 spins an hour.

You also have to figure that slot machines have a higher house edge than most other games. This fast play rate combined with a larger house advantage can lead to serious losses.

Legal online poker new jersey. Here's a comparison between a land-based blackjack table and slot machine regarding losses:

• You bet $1 per spin on a slot machine
• You bet $1 per spin on a slot machine
• You perform 600 spins in an hour
• The game has a 7% house edge
• 600 x 1 x 0.07 = $42 in theoretical slots losses
• You bet $10 per hand at a blackjack table
• You play 60 hands in an hour
• The blackjack game has a 1.5% house edge
• 60 x 10 x 0.015 = $9 in theoretical losses

3 – Chasing Comps

Many gamblers see comps as one of the most rewarding parts of playing slots. After all, who doesn't love getting a free meal after a long session?

You're certainly in the right to pick up these rewards whenever you play slot machines. But you should never get so caught up in comps that you start playing longer just to earn them.

Gambling comps aren't all they're cracked up to be. In fact, your theoretical losses will be much greater than the rewards are worth.

Here's an example:

• You bet $2,000 on a slot machine
• The comp rate is 0.1%
• 2,000 x 0.001 = $2 in rewards
• The game's house edge is 5%
• 2,000 x 0.05 = $100 in theoretical losses
• 100 / 2 = 50
• The theoretical losses are 50x higher than the comps

You can see above that you're only getting a 0.1% comp rate, which is common in both land-based and online casinos.

I'd like to see gambling establishments raise the rate to better reflect the high house advantage with most slots. 0.2% or 0.3% seems more reasonable when considering that slot machines have a big house edge.

Actually, these rates used to be common in casinos up until the 2000s. Unfortunately, gambling venues are much stingier with rewards.

That said, you should never extend a session just to upgrade to a free hotel room or lobster dinner. You're better off paying for these items outright, rather than playing to earn them.

4 – Playing Too Much in Land-Based Casinos

One big reason to play slot machines in a land-based casino is the atmosphere. You can enjoy the sights and sounds of the casino while you're spinning the reels.

Brick-and-mortar venues are also great for when you want to play slot machines with your buddies. Your group can spin the reels for a few hours, then go get a meal afterward.

The biggest problem with playing in land-based casinos, though, is that slot machines carry a bigger house edge on average. You're normally dealing with between a 5% and 12% house advantage at brick-and-mortar establishments.

The size of the casino's advantage often depends upon the coin denomination. Penny and nickel slots don't pay as much on average as quarter, dollar, and $5 games.

Of course, you shouldn't be forced to spend $1 or $5 every round just to enjoy better RTP. Unfortunately, this is the reality of land-based casinos.

5 – Playing Highly Volatile Slots

Volatility is the measure of how results are disbursed in relation to a statistical average. A highly volatile casino game will see results vary wildly from the stated RTP, while a low-volatility game will have evener results.

Slot machines definitely fall into the high-volatility category. They feature some of the most uneven results possible. You may find yourself winning lots of big payouts in one session, only to quickly lose all of your money the next time at the casino.

They offer large prizes at the top, which creates an uneven pay structure.

Given the jackpots, these games must be programmed to pay out less often to make up for large prizes. Therefore, you're not going to win as much with a slot machine as you would with baccarat.

You have to be perfectly fine with the fact that you're going to experience long dry spells with slots. But even when you're comfortable with this fact, you may still become frustrated after losing again and again.

6 – Falling Into the Slots Trance

Slot machines are sometimes referred to as the 'crack cocaine of gambling' by mainstream media outlets. This description goes a little too far, but it does describe their addictive qualities.

Slots can actually put certain players into a trance where they forget their surroundings and only think about what happens on the reels. Research confirms that problem gamblers describe being in a trance-like state when spinning the reels.

Everything from the entertaining animations to vibrant sounds keep players glued to these games. Gamblers get so engrossed in the entertainment aspect that they don't think about how much money they're betting or the amount of time that's gone by.

Losses disguised as wins (LDWs) are another factor that keeps players engaged with slot machines. An LDW refers to a payout that's smaller than their bet size.

For example, anybody can logically see that a $0.50 prize doesn't equal a $1 bet. But slot machines have a way of deceiving players into subconsciously believing that they're winning.

Payouts — large or small — are accompanied by triumphant sound effects and flashing lights. Combining these theatrics with the fast play rate, a gambler can quickly lose track of when they're actually winning and losing.

Slots developers have gotten pretty good at knowing what elements keep people playing slot machines. Unfortunately, some gamblers haven't caught on to their game.

7 – Ignoring Bankroll Management

Bankroll management (BRM) refers to developing a money management strategy for your gambling sessions. BRM is especially helpful with slot machines when considering everything we've covered so far.

A good plan helps you factor in the quick play rate and high volatility of slot machines. You can therefore budget appropriately and avoid betting more money than you originally planned.

The sad thing, though, is that far too many slots players ignore the concept of bankroll management. They simply spin the reels as quickly as possible and don't want to worry about how to best handle their funds.

This strategy is perfectly fine for anybody who's got a lot of money and doesn't care how much they lose on slots. But it doesn't typically go over well for the average person.

How Can You Fix Your Slots Issues?

You can't magically make slot machines pay more money or have less volatility, but you can take steps to minimize your losses and make your slots sessions memorable rather than miserable.

Each problem described above has a solution that can minimize losses. Here are some key strategies that will help extend your bankroll and give you more entertainment out of slot machines.

Research Slots RTP

Due to how volatile slot machines are, you can't expect most of them to reach their stated RTP in a given session. But if you're somebody who plays a lot of slots, then you want to consistently choose games with high payback.

Doing so ensures that you have a stronger chance of winning in the long term. The only question becomes how you go about researching RTP.

This matter is actually easy with online slots because there's a lot of information available on payout percentages. You can often find the RTP for a given slot, or even a list of the highest-paying games.

If you're playing Rival Gaming's Dr. Magoo, for example, you can simply Google 'Dr. Magoo RTP.' You'll quickly find that it offers 97.0% RTP.

However, you'll find this information for the vast majority of internet slots.

The same can't be said of land-based games. Casinos can order different payout percentages, which means that developers don't offer uniform RTP for each game.

As mentioned before, your only tool is to look at the coin denomination and make a guess. $5 and $25 slots pay the highest, often delivering between 95% and 98% RTP.

Dollar, quarter, and nickel slots usually pay between 94% and 96% RTP. Penny slots machines are the worst, normally only offering from 88% to 91% payback.

If you're in the mood to bet more per spin, you might as well go with the higher coin denominations due to the better RTP.

Play Online Slots More

I just described how you'll have an easier time finding payout percentages for internet slots, but this isn't the only reason why you want to play these games more often.

Online slots generally, offer higher payback on average and feature lower stakes. The average internet slot offers around 95% RTP, regardless of whether you're betting a penny or dollar on each line.

Some games, such as Mega Joker and Ugga Bugga, deliver over 99% RTP. This payback puts these games up there with baccarat, blackjack, and French roulette in terms of your odds of winning.

You still have to factor in the quicker play rates and volatility, but you can at least expect a higher chance of winning per spin when picking online slots over their land-based counterparts.

Don't Chase Comps

Slots comps can be misleading and feel like they're worth more than they really are. Sure, it's nice to earn a free steak dinner or cashback.

But these rewards suddenly don't seem so great when considering that your theoretical losses can be 50x higher than what they're worth.

In the end, you want to play slot machines normally and let the rewards come as they may be. You should never make a concentrated effort to play slots just to keep picking up more rewards.

Understand Volatility

Volatility is one of the most underrated concepts when it comes to slot machines. Many players either don't know about it or completely dismiss it when picking games.

But you should never ignore volatility; it plays a big role in your immediate winnings. Moreover, slots with low volatility will see you earn more payouts on average.

Low-volatility slots typically feature smaller jackpots and fewer bonus features. While these aspects may be turnoffs, you also have to consider that such games can afford to pay more frequently.

They don't have to hold back wins in anticipation of somebody hitting a huge jackpot or earning lots of bonus money. Instead, these slots feature a more consistent payout structure due to the smaller chances of somebody winning big.

You may still find it more exciting to play slots with huge jackpots and/or multiple features, but just be aware that you probably won't win as frequently with these games.

Set Up Your Bankroll

Bankroll management isn't the most exciting thing, but it definitely pays off in the long run. Having a detailed plan for your slots funds helps you avoid betting too much money and enjoy more sessions.

You may think that BRM is a long process and be put off the matter. However, you can actually come up with a good bankroll plan in a matter of minutes.

Any money set aside should not be needed to pay bills and other expenses.

The next matter is to figure out how much you'll theoretically lose per hour. Losses depend upon multiple factors, including your play rate, volatility, and RTP.

But if you're playing at a reasonable speed and don't hit any huge payouts, then you can often expect to lose between 200 and 300 bets per hour.

The final step is to consider how much you're going to be risking on average. If you typically bet $0.25 per spin, then this would be your variable.

Here's an example on putting all this information together to formulate a bankroll management plan:

• You have a $1,000 bankroll
• You bet $0.25 per spin
• 1,000 / 0.25 = 4,000 total bets
• You lose 200 bets per hour
• 4,000 / 200 = 20
• Your bankroll will theoretically last for 20 hours

This example only provides a theoretical guess on how long your bankroll will last. Plus, you could either win big or lose at an accelerated rate.

But knowing this info at least gives you an idea of how long you can expect to play slots with a certain amount of money.

Set Your Phone Alarm to Break Your Concentration

Even when you know about the trances that slots players can fall into, it's still difficult to avoid this zone 100% of the time. That said, you should take precautions to ensure you don't become too engrossed in a game.

An easy way to do this is by setting your phone alarm for scheduled breaks. You can input multiple alarms in your smartphone, which will go off at different intervals and break your concentration.

You'd be hard-pressed to ignore a shrill alarm sound while you're playing slots. Once you shut off the alarm, you can get up and move around the casino to take a break.

This process will not only clear your mind but also make sure that you're not mindlessly staring at the reels and ignoring everything else in the casino.

Conclusion

Losing with slot machines is rarely attributed to just one reason. Instead, you can see where multiple problems can weigh into the matter.

First off, many players fail to properly research RTP, but this research can easily be performed with online slots, which offer publicly available payout percentages.

Land-based casinos don't have RTP figures for individual games. However, you can make vague assumptions based on the coin denomination size.

How Much Money Can You Lose Gambling

Keep in mind that land-based slot machines aren't the best in terms of payback anyway. They have higher house edges and can cause greater losses.

A fast play rate can also lead to larger losses. Most players spin the reels somewhere between 500 and 700 times per hour.

This speed gets costly, even when you're only betting $1 per spin or less. You should take a few breaks to slow your play rate and get your mind off the machines for a while.

You also want to avoid chasing comps. These rewards are nice bonuses on top of your play, but they're not worth quite what they seem.

How Much Money Did You Lose Gambling Per

Slot machines are among the most volatile games in the casino, which means you must be prepared to suffer wild swings. You can play games with smaller jackpots and fewer bonus features to reduce volatility in most cases.

You should also consider adopting a bankroll management plan. BRM will help you remain responsible while playing slots and avoid gambling too much in any single session.

Unfortunately, you can't force slot machines to change with regard to payback or volatility, but you can follow the tips listed here to minimize your losses until you hopefully hit a jackpot or two.

Do you feel like you're losing too much money gambling? If so, that can be a serious problem. You'll probably find plenty of advice aimed at problem gamblers or gambling addicts. That advice usually amounts to absolute abstinence, which, frankly, is the correct approach—if you're really a problem gambler.

On the other hand, you might not have an addiction. You might be a recreational gambler who overdid it one weekend. Compare it to the person who goes to a party one weekend and overindulges and wakes up with a hangover. That, by itself, doesn't qualify one for membership in Alcoholics Anonymous. It takes a little more drinking than that.

If you're a recreational gambler, here are 10 reasons why you're losing so much money gambling, and here's what you should do instead:

1- You're Placing the Wrong Bets at the Casino

All casino games have a house edge—a mathematical advantage for the casino that's impossible to beat in the long run. They create this edge by creating a game where the odds of winning are worse than the payout odds. One easily understood example is roulette. A bet on a single number at the roulette table has a 37 to 1 probability of winning. (You have 37 ways to lose, and you only have 1 way to win.) But that bet only pays off at 35 to 1 odds.

It's important to realize that this is a long-term mathematically expected result, and in the short run, the results are random. Your actual results will only start to look more like the mathematically expected results over a long period of time. But the more negative expectation bets you place, and the higher the house edge is, the more money you'll stand to lose in the casino. In roulette, all of the bets (save one) have the same house edge, but this isn't true of every game.

Craps, for example, is a game which has some bets with a house edge of well under 2%. But it also has some bets with a house edge of well over 10%. The difference in expected value is tremendous. If you stick with the pass line bet at the craps table, or the come bet, the house edge is only 1.41% But if you start betting on silly stuff like 'hard 8,' the house edge is 9.09%.

2- You're Betting Too Much Money on Each Wager

The way to predict your mathematically expected loss per hour on a gambling activity is to use the following formula, where:

• A = The house edge
• B = The average bet size
• C = The number of bets you make per hour
• A X B X C = Expected hourly loss

Increase any of these factors, and the amount of money you lose per hour goes up. It does you little good to stick with a game where the house edge is 1.41% if you're just going to start betting $500 per roll instead of $100.

If you're gambling spending has gotten out of control, consider scaling down the stakes for which you're playing. If you're betting $100 per hand on blackjack, you can cut the amount of money you're losing in half by betting $50 per hand instead.This is true in any gambling activity where you're fighting a negative expectation. Bet less per wager, and you'll lose less money in the long run.

3- You're Using Betting Systems

Some people think that raising and lowering their bet sizes based on the previous round's results can change the odds in their favor. The most popular of these methods is called the Martingale System, and it involves doubling the size of your wager after every loss until you win.

What happened on the previous spins has no effect on the probability of getting red on the next spin of the roulette wheel. Seneca casino buffalo niagara falls. There are 38 numbers, and 18 of them are red. The probability of getting a result remains 18/38, regardless of what happened on the previous spin, the previous dozen spins, or the previous 100 spins.

The other thing that these betting systems fail to account for are the size of your bankroll and the betting limits at the casino. If you start off betting $10 per spin at the roulette wheel and double your bet after every loss, you don't need an outrageous losing streak to start putting a serious strain on your bankroll.

Losing 8 times in a row at roulette seems next to impossible, but it happens every 4 or 5 hours. Look what happens to the size of your bet when you hit a losing streak like that:

1. $10
2. $20
3. $40
4. $80
5. $160
6. $320
7. $640
8. $1280

Keep in mind that if you succeed on bet #8 or #9, your net profit for the entire progression was only $10. The rest of that bet was just to recoup your previous losses. And after losing 7 or 8 times in a row, the odds of winning the next bet are still against you. The probability is still 47.37%, no matter what happened earlier.

No betting system can compensate for having the odds against you in the first place. That's just not how gambling works.

4- You're Not Using Basic Strategy in Blackjack

Most people know by now that blackjack offers some of the best odds in the casino. The house edge is less than 1%. But that figure assumes that you're playing every hand with perfect basic strategy. Every deviation you make from basic strategy adds to the house edge.

If you're going to play blackjack, memorize basic strategy and use it on every hand. This will limit your losses. The more you deviate from basic strategy, the more money you'll lose on average over time.

5- You're Playing Slot Machines

The most expensive game to play in any casino is the slot machine. It combines lousy odds with a high rate of play, which is devastating to your bankroll. It increases the average expected loss dramatically. The average slot machine player gets in about 600 spins per hour. At $3 per spin, you're putting $1800 per hour into action. Contrast that with a blackjack player wagering $10 per hand at a reasonably crowded table. He's probably lucky to get in 100 hands per hour, which means he's only risking $1000 per hour.

Poker night 2020 imdb cast. Play whatever you want to in the casino, including slot machines, but if you think you're losing too much money too fast, you should get away from the slots.

6- You're Playing Too Many Hands at the Poker Table

One of the keys to winning at poker in the long run is tight-aggressive play. The first part of that is probably the more important part if you're losing too much money playing poker.

Tight and loose are 2 ways of describing how selective you are with which hands you play and how far you continue with them. Tight players fold most hands and only play the hands that are strong. Loose players, on the other hand, play lots of hands. Loose players might win more pots, but it's only because they're involved in more pots.

What To Do When You Lost Gambling

This doesn't mean that you shouldn't put money in the pot. Betting and raising are keys to aggressive play, which is the 2nd half of a winning poker strategy. But in terms of losing less money, the first trick you should learn is how to fold a lot. Even tight-passive players lose less money than loose-passive players.

7- You're Gambling with Money You Can't Afford to Lose

Have you ever heard the expression, 'Scared money always loses?' It's true.Scared money is money you shouldn't have been betting in the first place. It's money you can't afford to lose. Since you can't afford to lose that money, you make decisions that aren't mathematically optimal. You also recklessly chase losses in a desperate attempt to get even.

You get to the blackjack table, and you have $100 down on a hand, and you split. Then you re-split. Now you have $400 in action. Then suppose the dealer winds up with a total of 21, and all 4 of those hands of yours lose. You have $1600 left and can't pay the rent.

So you think, well, I already can't pay my rent—maybe I can catch up and get ahead by placing a couple of bigger bets. So you bet $200 on the next hand, with the intention of just getting in enough hands to break even for the night. This time you get a hand where the correct play is to double down, and you do so. But you still lose. Now you're down to $1200. You're going to lose a lot of money if you're playing with scared money.

8- You Really Do Have a Gambling Problem

It's not my place to diagnose whether you're a problem gambler or not. That's for you to decide. I can offer some clues to look for, though.

If you've ever done any of the following, you might consider getting some help for a potential gambling problem:

• You've missed work because of your gambling.
• You've felt remorseful after gambling.
• You've gambled until you were completely broke.
• You've sold something or hocked something to gamble.
• You've lied about your gambling activities.

You can find a list of 20 questions to think about if you're concerned about your gambling behavior here. That's from the Gamblers Anonymous website, but that's not the only game in town when it comes to getting help for a gambling problem.

Getting help is crucial, but I'm a believer in getting professional help as well as the support and fellowship of people who have experienced similar problems. Find a licensed professional counselor to talk with, too. Gambling addiction ruins lives, so don't let it ruin yours.

9- You're Obsessed with Climbing the Ladder of the VIP Club

I have a friend who visits the Winstar Casino more often than he'd care to admit. He has recently been climbing the ladder in the players club there, and he gets free food and rooms all the time. To pull this off, he had to gamble a lot more than he probably would have otherwise. And the way negative expectation games work is to drain your money the longer you stay in the game and the more you play.

And let's face it. The percentage that the casino awards you for your play is so paltry in comparison to the house edge that it's pitiful. Most casinos award you 0.2% or so in rewards. That might go up to 0.3% or 0.4% as you climb the VIP player club ladder. The house edge on most casino games, though, is at least 10 times that much. Most casino games have a house edge in the 2% to 4% range.

Blackjack and video poker are exceptions, but it's all but impossible to make a living with either of those games even if you play profitably and optimally. Don't get sucked into the trap of thinking you need to play more to get more player rewards. That's a recipe for losing more money.

10- You're Not as Good at Betting on Sports as You Think

It's hard to make a profit betting on sports. The vig creates a situation where a guy who's right with his picks 50% of the time is bound to lose. That's because the book requires you to wager $110 on a 50/50 proposition to win $100. Most people overestimate how well they pick winners. They think that they're better than they are, and since they're not keeping careful records anyway, it's easy for them to claim they're breaking even or showing a small profit.

How Much Money Did You Lose Gambling Without

Do this for a month or two, and I can guarantee you'll be surprised at what your actual results look like when compared to how you thought you were doing. This doesn't make you delusional, by the way. It makes you human. It's human nature to have selective memory. You'll naturally remember the winning bets more than the losing bets. That's why keeping written records is so important.

Conclusion

So you've been losing too much money gambling? It's almost certainly because of one of the 10 reasons listed above. That's good news, too, because once you've put your finger on the problem, you can solve it.

With each of the reasons for losing money listed above, I've tried to include a piece of advice about how to stop losing so much money for that reason. What other reasons can you think of that might be causing you to lose so much money gambling?

How Much Money Did You Lose Gambling Last