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There are so many reasons why people enjoy gambling online, but for most it’s the thrill of the possibility of winning money. We know that the odds of any game will always be in the houses favour, but did you know that there are mistakes that you could be making which will lead to you losing money quicker? This is definitely the last thing you want, because even if we’re not going to win, we want to at least enjoy our money over a longer period of time and not blow it within a few minutes.
As always, we are here to help, by explaining to you what you could be doing wrong. No one wants to focus on the negatives of betting online, but knowledge is power so the more prepared you are the better your chances. Of course, we can’t promise a win, but we can help you improve those odds by minimising or completely avoiding any common errors.
If you find you are losing large amounts of credit and you’re not enjoying playing online anymore, then you may have fallen into one of these traps. Here are the online casino mistakes that can make you lose money quickly.
How To Lose Money Gambling Online Fast
Many people use online gambling as a way to make themselves feel happy or to try and get rid of any loneliness, upset or anger. This type of gaming time can not only lead to mistakes being made, but also a reliance on the ‘buzz’ of the bet to keep you happy. Sadly, this is when gambling addictions can develop, so it would make sense to keep an emotional cap on your gaming and really think about how you are feeling before you hit spin. If the desire to play comes from a need to cheer yourself up, then you may not be creating the right circumstances to give yourself the best chance of winning.
Emotions can be amplified by the fact that you’re at home as well because you are in a casual environment. People can overreact or lose sight of the reasons they play when they’re in a losing streak or things aren’t going their way. So, our advice would be to take regular breaks for your mental and physical health. Maybe set an alarm and when it goes off, move around and do something else.
The most important thing is to be conscious of your overall feelings, this applies to when you begin your gambling session and as you play. If you feel you are getting too carried away, then you know it’s time to stop. Players have ended up spending a lot more than intended due to emotional playing, so have a set budget and stick to it.
Being Under the Influence
Whether it’s alcohol or drugs, being under the influence is one of the easiest ways to make big mistakes as you gamble, which can end up with you losing money fast. Both strip away your inhibitions and can lead to you making errors in judgment, such as missing things within the game or spending a lot more than you wanted. Many gamblers regret it the next day, but at that point it is too late.
Alcohol can also affect your emotional stability and as such if you’re trying to remain calm, it is the worst thing to have as it can lead to irrational decisions. Our advice is stick to a cup of tea and keep your drinking time separate from your gambling time. With a clear head you can concentrate and formulate a strategy, so that you can realise when enough is enough. Many of the table casino games require extra focus such as poker and blackjack, so why not give yourself a better chance of winning, by being sober.
Not Having a Gambling Strategy
We find this is very common for many online gamblers, because essentially most people just want to pop online and enjoy themselves. Whilst we completely understand this type of gaming, it’s also important to minimise the loss of your credit by having some kind of a strategy. But what exactly does this look like? Well, start by making sure you’re knowledgeable about the game you want to play. One of our top tips is to see if your game has a demo option available and playing on that. You won’t win any real money on the demos, but you will discover the intricacies of the game, and the different elements of the pay table.
Another strategic aspect which links to the above point is learning the game before you play it. There will more than likely be You Tube videos of people playing your chosen game, so that maybe an idea for you to see it in action. If not, then you can read reviews or guides as to how the general premise of the game works. There are many gambling fans such as ourselves who offer tips and strategies on how to play particular games and their expertise can help you minimise the mistakes, which are so easily made when you initially play a new game.
Finally, and most importantly, make sure you set yourself a limit on how much you’re spending within that session. This is the key to strategic gambling because we know that emotions can lead to bad decisions and overspending. Many sites have the option where you can set a deposit and spending limit, but if you’re unsure where that is then contact the site using the customer support section.
High-Risk, High-Reward Betting
Although this can be seen as a gambling strategy, it is in fact an incredibly risky move for players to make. The term high-risk, high-reward means if you bet large amounts then you have a greater chance at winning big. This is one of those gambler’s fallacy’s because betting high doesn’t mean that the odds will swing into your favour. Sadly, you cannot improve your odds on a single bet.
For most people the outcome of placing larger bets, is that they lose all of their money at a faster pace. Our advice would be to bet smaller amounts and make your bankroll last for as long as you want it to. Some people prefer to switch between table casino games and slots, so placing lower stakes means you have more credit to play both. There are elements you can look at to make your gambling credit work for you such as the Return to Player (RTP) and high or low variance games.
The important take away from all of this is that by sticking to your strategy and playing conservatively, you can end up with more money than you’ve spent at the end of your gambling session.
If you find yourself in a serious losing streak and you consider blowing lots more credit on an ‘all in’ bet as a last ditched attempt at winning something, then we strongly recommend you take a time out. Desperate decisions rarely end up the way you want them too, and they can lead to further despair and financial stresses. The gambler’s fallacy of ‘I’ve lost a few times, so now it’s my turn to win’, is simply that; a fallacy. The better option is to admit your losses, keep cool and simply walk away.
Online Money is Easier to Spend
This is the area that most players find difficult, because in reality digital money doesn’t feel real. When you are online, you’re not physically handing over the money, so many players can lose sight of the impact on their bank accounts and keep adding more and more credit. As you stare at the gaming screen you can forget that the number on the screen is your money. The fact that it is decreasing doesn’t always feel like a physical loss when you’ve been playing for a while. Also, it’s much quicker online to go from one game to another, or add more chips, than it is in a land-based casino.
This is where the idea of setting a spending limit comes in, because if you know how much you can afford and you stick to it, then you can manage your money better.
Using a Promotion or Bonus with a High Wagering Requirement
Pretty much every online gambling site has some form of bonus or promotion because they are the perfect way to entice new players to register. Whether it’s a welcome bonus, cash back offer or loyalty scheme, the one thing they will all have in common are terms and conditions.
The main condition which can lead to you spending more money than you intended, is wagering requirements. We have a full guide on what wagering requirements are, but generally it is a condition attached to a bonus which affects how the player can spend any winnings from that promotion. This means that should you win; you may have to spend a lot of credit before you are allowed to withdraw any money from your account.
Many players have gotten caught out by wagering requirements and ended up spending thousands. But due to legislation changes by the UK Gambling Commission, you will find a lot of the wagering information can be found on any images promoting the bonus. If you’re still unsure about the implications of this kind of a condition, then contact customer support and ask them for a break down.
Limit Playing Fast Paced Games
There are many fast-paced games in the online realm including craps, roulette, blackjack and slots. If these are your preferred choice of games, then we’d suggest that you stay with lower stakes, because you can go through quite a bit of money quickly. For something a little slower, head to the live dealer games because they involve real dealers, meaning each round of the casino game can take longer.
Know Your Stake
This is a little similar to what we mentioned earlier about getting to know the games you’re playing. Not fully understanding exactly how much each bet or spin will cost can lead to quick losses, which some gamblers believe they can spend their way out of.
Slot games can be a big contributor to overspending, as each game comes with its own variation of paylines and minimum stake per line. You can be forgiven for thinking a 1p game will provide hours of game play, but if a game has 50 paylines and you accidently set max paylines, you can burn through £10 in just 20 spins. Regular gamblers out there will know all too well how quickly those spins can go.
Table games can also be an issue, especially card games. If you are unaware of how much you need to bet to keep your hand in a game, then you can very quickly end up out of your depth and spending more money just to save face.
Summary of Online Casino Mistakes That Can Make You Lose Money Quickly
Most of us are aware that the house has the better odds, but that doesn’t mean we want our money to disappear quickly. Learning how to adapt your playing style to slow down your loses can not only keep your money in the bank for longer, but also give you more playing time.
The crux of all of this is to plan a strategy and stick to it and try and control your emotions as you play. You want to ensure that any decision you make as you gamble doesn’t have negative implications on your personal life and lead to debt.
If you feel your gambling is out of control, then please contact GamCare or Be Gamble Aware for support.
For those of you who are new to the world of online gambling and are looking for good quality UK Gambling Commission regulated casino’s then we can recommend the following.
As well as this guide we have others including Online Bingo – Is It Fixed, Why are Online Casinos Better Than Land Based Casinos and Things to Avoid When You’re Gambling Online.