Exploring the Mindset of a Successful Gambler

Posted by Harry Kane on Thursday, July 25, 2019

Given that most gambling pastimes are essentially games of chance, the idea of being consistently successful in this field may appear to be something of a fallacy. After all, how can you plot a clear path to success if you can’t even control the factors that determine outcomes in specific games?

This hypothesis doesn’t take into account the potential effectiveness of bankroll management strategies, however, or the way in which your mindset can optimise your chances of success in real-time. In this post, we’ll explore the typical psyche of frequent or aspirational gamblers, before asking which traits or behaviours are indicative of an ultimately successful mindset.

Exploring the Traits and Psychology of Regular Gamblers

Given the elements of chance and opportunism associated with gambling, it should come as no surprise that uncertainty is one the hallmarks of wagering both on and offline.

This applies to both the size of a potential jackpot and the probability of winning in the first place, and research suggests that uncertainty is central to the appeal of gambling.

In fact, studies have shown that the human brain releases the neurotransmitter Dopamine during activities where the end reward is uncertain, in addition to purely enjoyable pastimes such as eating and sex.

The Dopamine release even increases in the moments leading up to a potential reward, creating a sense of anticipation that increases your so-called ‘high’ when gambling whilst arguably clouding your judgement and heightening your appetite for risk.

This not only underlines the challenges facing gamblers whose primary motivation is to win cash, but it’s also part of a wider issue that heightens the existing house edge and distorts the perception of players as they wager.

From colourful screens and flashing lights to the dizzying highs of landing a big jackpot, gambling experiences (particularly those online) are designed to disorientate the mind and afford players an overly mindset in real-time.

This means that they’re likely to think that they’re winning even whilst they’re losing, which creates an altered and dangerous mindset that gradually loses touch with reality.

This is one aspect of a gambler’s potential psyche, but what other traits and behaviours define those who wager regularly? The data gathered by YouGov Profiles offers use a fascinating insight into these characteristics, whilst also helping us to determine which traits distinguish successful from regular gamblers.

To begin with, frequent or professional gamblers are more likely than the general population to think of themselves of mathematical or having advanced numerical skills. In fact, 29% of this demographic consider themselves to be good at math, whereas just 19% of non-gamblers hold the same belief on average.

Interestingly, regular gamblers are also proven to be a trusting group, particularly in terms of the news that they consume on a daily basis.

More specifically, 36% of this group trust newspapers to print the truth about a particularly story or narrative, as opposed to just 26% of the general public. Similarly, a whooping 46% of gamblers wholeheartedly trust the messaging published on billboards, whereas 32% of the rest of us feel the same.

This should be caveated by the fact that billboard advertising generally carries higher levels of choice, of course, but it’s still an interesting statistic that warrants scrutiny.

Gamblers also tend to have a unique and interesting perception of work, both in terms of their motivation and their underlying work-ethic. When it comes to the former, 27% of gamblers claim that money is their main motivation for working, as opposed to a relatively paltry 18% of the general population.

Beyond this, a significant 65% of gamblers profess to wishing that they didn’t have to go to work each and every day, with only 54% of the public suggesting the same.

38% of gamblers are also more inclined to take risks than their counterparts (20%) in the pursuit of cash and earnings, which should probably come as no surprise given the fundamental nature of gambling.

Regular gamblers are also always on the lookout for profitable investment opportunities, with 53% of this demographic adopting this mindset over time. Conversely, just 45% of other groups seek out potentially lucrative investments, and this arguably betrays the heightened appetite risk shared by seasoned gamblers.

One of the more interesting insights centred around emotional intelligence, and the way in which individuals recognise and manage their feelings. As a general rule, gamblers are far less likely than the general public to cite emotional intelligence as a strength (23% vs. 32%), with this finding suggesting that closed to their feelings and less likely to be influenced by them.

58% of gamblers are also more inclined than the general public (51%) to withhold their true emotions, which serves to reinforce the previous point and underlines the guarded and apparently controlled nature of gamblers.

On a final note, gamblers tend to have a love of sport in general, with more than half (54%) of frequent bettors reaffirming that they’re “sports mad”. In contrast, just one-in-six (or 17%) of the general public feel the same way, and this makes for a marked difference that’s fascinating from a learning perspective.

What Can We Learn from These Findings?

OK, we hear you ask, but what can we draw from these findings? At first glance, it’s perhaps slightly surprising to see how many of these traits may not be conducive to successful gambling over a sustained period of time.

Take the trusting nature of gamblers, for example, which hints at a naïve and slightly distorted mindset that fails to recognise the house edge facing them or potential shortcomings in their gambling strategies.

This type of mindset could also distort the way in which they perceive their own abilities, meaning that those who consider themselves to be grounded and in possession of excellent numerical skills may not be as talented as they think.

The way in which gamblers consider work is also a potential concern, as this may encourage individuals to place frequent sports bets and wager on casino games in the belief that this can offer them a quick buck.

The opportunistic nature of gambling means that this is far from guaranteed, however, whilst gamblers are required to implement strategies and bankroll management techniques in a bid to optimise their returns. These strategies take time and effort to create, so a focused and healthy work-ethic is an important characteristic.

Those who are driven solely by the pursuit of materialistic prizes such as cash can also become obsessed with their potential accomplishments, rather than focusing on the discernable ways in which they can achieve their objectives.

There’s also an interesting balance to be found between the incredible lure of cash jackpots and the typical gamblers’ appetite for risk, as the former can easily impair judgement and the tactics that players use to emerge victorious.

More specifically, players may prove willing to take disproportionate and uncalculated risks in the pursuit of individual cash prizes, creating a scenario where their decisions are informed by the size of the potential return rather than the probability of winning it.

From a sports betting perspective, gamblers who profess to have a love of disciplines such as football and horse racing may also have their inhibitions lowered by raw passion and their desire to back a favoured team or runner.

This also applies to gamblers who believe that they’re not at the mercy of their innate emotions, as even those who boast a largely logical mind can be heavily influenced by the love or a particular sports team or event.

All-in-all, these elements of the regular gamblers’ psyche are not necessarily conducive to long-term success, and this poses a significant risk to the financial and mental wellbeing of most who wager on a frequent basis.

Which Traits Contribute to a Successful Gamblers’ Mindset

The question that remains, of course, is which traits and characteristics contribute to the mindset of a successful gambler?

The relative lack of emotional intelligence in regular gamblers could certainly be argued as a potential positive, not least because it enables players to distance themselves from their feelings and implement key betting strategies no matter what goes on around them.

There’s evidence to suggest that this is an extremely important consideration, particularly as even skilled and experienced gamblers will experience wins and losses during a typical session of gameplay. As a result, they’re required to treat each wager and outcome in an entirely dispassionate manner, rather than reacting individually with every bet or spin of the wheel.

This is especially in the event of a loss, as the negative feeling associated with this reportedly twice as impactful as the high generated by a winning bet. This can be traced back to the evolutionary instinct to guard food sources fiercely, as the human mind is always more preoccupied with what it may lose rather than potential gains.

So, by detaching from your emotions and implementing your betting strategies free from impulse or negativity, you can optimise your chances of winning regularly over an extended period of time.

The same mindset must also be applied consistently across other elements of gambling, including bankroll management and the perception of performance. The latter point is particularly important, as successful gamblers think solely in terms of profit and loss regardless of the fluctuations that they experience during each month.

For example, let’s say that you make a profit of £1000 during a selected four-week period. The breakdown of this period saw you generate £3000 in profit during the first two weeks of the month, whilst a loss of £2000 followed over the course of the next 14 days.

Gamblers are who governed by their emotions are likely to suffer a loss of momentum as the month draws to a close, whilst any subsequent feelings of doubt and anxiety can cloud the fact that they still achieved a healthy profit.

The impact of the losses incurred towards the end of the month may also cause you to alter your strategy going forward, and this can often be detrimental to gamblers who are pursuing long-term gains.

Successful gamblers understand the opportunistic and variable nature of gambling, however, which can cause significant changes in fortune over a specified period of time. They will, therefore, focus on the profit or loss figures at the end of this period, rather than concerning themselves with the minute detail of their performance.

Similarly, successful gamblers will remain grounded even if the last 14 days of the month yield a huge profit, whilst resisting the urge to take a greater number of unfounded risks.

We also spoke earlier about the regular gamblers’ penchant for seeking out investments, particularly those that offer the potential for sizeable returns.

Whilst this can betray a get-rich-quick mindset in some instances, in the case of successful gamblers it’s indicative of a more considered and strategic approach that seeks to minimise risk and optimise profitability simultaneously.

In the case of gambling, this means creating a consistent a negative or positive progression betting strategy that suits your bankroll, whilst never wagering more than you’ve set aside or can comfortably afford to lose.

The Last Word

As we can see, there are a number of common traits synonymous with regular gamblers, all of which contribute to a unique mindset that influences their strategy and decision-making.

However, several of these traits and characteristics are incompatible with the successful gambling mindset, from their overly trusting nature to an apparent lack of work-ethic.

It’s important for gamblers to recognise how these and similar traits can have a detrimental impact on their chances of winning, whilst also altering the way in which they perceive their strengths and skills.

In truth, the successful gambling mindset is incredibly focused and consistent, and largely immune to the various peaks and troughs associated with games of chance. It subsequently treats wins and losses in an equally dispassionate way, underpinning a viable strategy that can be deployed over an extended period of time.