Site slogan 
Win or Lose
Gambling is fun while it lasts. The trouble with an average player is that he convinces himself to continue gambling regardless of whether he is winning or losing. Two most common logical fallacies an unsuspecting player falls for are gambler%u2019s conceit and gambler%u2019s fallacy. Put together they form a paradox human mind fails to recognize.

Gambler%u2019s conceit comes into play when he is winning. The gambler tends to think that he is winning because of his skills and not because of chance, hence he ends up continuing to gamble. It makes little sense to him to quit while he is ahead, as his risks are being awarded by wins that he can show right now. The player believes he will control his tendency to place a bet once he has won some more, while still placing bets right now.


On the other hand, gambler%u2019s fallacy kicks in when a player is losing money. This time around he appeals to the law of average, making him believe that he may be losing right now, but ultimately his luck will turn and he would get to win. The gambler forgets that the long run is much longer than he feels it to be. As Keynes famously said, %u201CIn the long run we are all dead%u201D. 

The fact is that a problem gambler does not much care for winning or losing, he just wants to stay in the game as long as possible. A problem gambler loves the rush that a game will provide, the dopamine and adrenaline generated keeps him excited and happy. Lower levels of norepinephrine and serotonin may also be a reason for compulsive risk taking behaviour in gambling.

Good players guard against both the gambler%u2019s conceit and gambler%u2019s fallacy. They make sure to leave the emotional rush that win or loss can bring does not cloud their decisions. If they feel that emotions are overtaking their thinking, they would take a break from the table and let them cool down. Never let instant gratification override long-term wellbeing.