Beware of Gambler's Conceit

Winning at Casinos

Have you ever felt that you could risk as much as you wanted to while gambling as long as you were a winner because as soon as you stop winning you will simply walk away from the game? If so you may be suffering from gambler's conceit.


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Gamblers conceit, like Gambler's fallacy is a psychological phenomena which has been studied and documented over the years. Essentially it is the distorted conception of the gambler regarding the sustainability of his/her winning streaks. So if you're prone to gambler's conceit, the more you win the stronger your attachment to the belief that your wins are a consequence of your skill, luck, unique playing style or ability to beat the house, and the more powerful you will feel. In fact, the sense of power that you get is a dangerous misperception that may cause you to rationalise random wins as owing to your own prowess and that road can quickly lead to doom.

While you can learn to stick to certain skill games and utilise correct game play strategies to maximise your winning potential in these games, many online casino games are purely games of chance that whose outcomes you cannot explain or rationalise. When you attempt to do so, gamblers conceit creeps in and takes hold.

In its extreme form, gamblers conceit is ruinous. The player will keep betting using the same approach even though his/her strategy has been proven to be less than perfect and prone to error because he/she has a false sense of confidence. This means that they will continue to take huge risks in the hopes of improving results initially but then will graduate to attempting to cover losses and inevitably this will all end in an empty player account and occasionally a damaged bank account too.

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The attachment to one's perception of luck is usually very disadvantageous to players because luck, by definition, is a random factor that is independent of the games you play, the time of day that you gamble, your mental state or your gambling strategy. Yet, some players will still attempt to interpret their gambling results to imply a special role for their luck and chance, falling victim to the belief that they are special, only to discover later that this is a grave mistake that results in huge losses.

So what can be done to overcome gamblers conceit? To avoid becoming a victim of this affliction, create and stick to a well-defined gambling plan and strategy. This will require self-discipline and the need to commit yourself to a predetermined budget and stick to it. Do not continually move the limit upwards to accommodate your "feelings". Rather monitor your game play closely and realise when you feel uncomfortable about maintaining your wins or a certain "winning" balance and walk away when you need to. Never throw good money after bad and always gamble responsibly.


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