The Qualities Needed to Be a Successful Gambler
Posted by Harry Kane on Friday, January 25, 2019
In a previous blog post, we wrote in-depth about the intrinsic link that exists between gambling and investing, with both of these markets defined by factors such as risk and choice.
As a result of this, successful gamblers are often required to have an investor’s mindset, which in turn is driven by several motivators and a number of important personal characteristics. The majority of these are shared between both on and offline gamblers, while some could also be classed as transferable skills that are relevant across several different disciplines.
We’ll take a more detailed look at some of the attributes below, while asking why they’re important and how they help gamblers to succeed.
1. A Keen Sense of Discipline
Gambling is often glamorised on the silver screen, with high-rollers generally characterised as charming and enigmatic individuals with an undeniably maverick quality.
While this may well be true in some instances, there’s an argument that such a quality may not be conducive to long-term success when wagering your hard-earned money. In fact, the vast majority of people who make a career out of gambling are actually extremely disciplined and capable of adhering a carefully cultivated strategy.
To put this into context, consider a scenario in which you’re playing blackjack and have won four hands it a row using a progressive betting strategy. This has seen your stake increase by a single betting unit (£5) with each win, with the last wager placed totalling a healthy £20.
In terms of progression, the next wager that you lay down should be £25, but after a four-hand winning streak there may be a temptation to double or treble your stake to capitalise on a so-called “winning streak”.
This can undermine your strategy and cause you to lose any winnings that you’ve earned previously, while on a fundamental level it represents a loss of discipline and an inability to retain a deterministic outlook that remains consistent even as your fortunes fluctuate.
Make no mistake; successful gamblers would never rush into kneejerk decisions or unscheduled wager increases, as their innate sense of self-discipline serves to constantly focus their mind whilst enabling them to achieve a number of long-term objectives.
2. An Ability to Maintain Emotional Self-control
If you’ve invested in the financial markets, you’ll know how important it is to maintain emotional self-control and a keen sense of determinism.
Unsurprisingly, the same principle can also be applied to gambling, where emotive and rash decision making can quickly deplete your bankroll and render even the most profitable of strategies ineffective.
As a result, successful gamblers tend to have immense control over their body and mind, with this emotional strength remaining consistent regardless of what happens during the course of gameplay.
Most importantly, they’re able to manage their expectations throughout each and every gaming session, while controlling any feelings of frustration that they may experience during a sustained run of losses. This can be an extremely testing time for gamblers, but those with emotional control can remain calm and composed at all times whilst continuing to remain focused on the management of their bankroll.
This type of mindset empowers concise and tenacious decision making, and in the worst case scenario, it will encourage gamblers to walk away after an extended losing streak that has compromised their bankroll. While this is far from ideal, it’s occasionally necessary to protect your bankroll and ensure that you don’t lose more than you can afford during a single sitting.
Of course, this may seem counterintuitive when playing games of chance, while it’s entirely at odds with the stereotypical view of the maverick gambler. However, it’s this type of control that underpins long-term success, particularly when playing largely opportunistic games such as blackjack, roulette and slots.
3. An Immaculate Level of Attention to Detail
It’s fair to say that a growing number of successful and professional gamblers operate online in the modern age, particularly with this sector generating an impressive gross gaming yield (GGY) of £13.9 billion in the year ending September 2017.
In fact, the online marketplace now accounts for an incredible 35% of all gambling activity in the UK, with this number likely to increase incrementally in the near-term.
One attribute that’s particularly important for online gamblers is keen attention to detail, particularly with every virtual casino publishing variable terms and conditions and hosting a huge variety of games.
In terms of the former, there are a number of gaming conditions to keep your eyes peeled for, including the wagering requirements applied to a specific bonus or promotional offer. In some respects, these requirements are as important as the amount of capital extended through the offer, as they dictate how and when your winnings are eligible to be withdrawn.
An online casino may require you to wager your winnings between 30 and 50-times before your earnings can be withdrawn, for example, with this type of condition often applied to lucrative deposit match or free spins bonuses. While this activity has been challenged by the Competition and Markets Authority (CMA) in recent times, for now it remains a key concern that can cause some gamblers to lose much of their hard-earned cash.
By remaining vigilant and paying close attention to the terms and conditions applied by specific online casinos, you can make an informed decision and develop a relevant strategy for success.
When it comes to selecting viable games, you’ll also need to compare your options carefully, in order to minimise the house edge against you and optimise your return-to-player (RTP) rate. These figures are inherently connected, as you can calculate a game’s RTP rate by subtracting it’s advertised house edge from a figure of 100.
In the case of virtual slots, operators are also required by law to publish each title’s exact RTP rate. By seeking this out, you can select games that suit your bankroll and the type of gameplay strategy that you tend to deploy.
4. An Ability to Analyse Data and Adapt
We spoke earlier about the importance of determinism and the fact that successful gamblers don’t react emotively to in-game events or trends.
However, the members of this demographic are adaptive and capable of implementing changes to their strategy, based on the analysis of data and (in some instances) the performance of rival players.
As a result, successful gamblers are required to have critical thinking skills and an ability to analyse relevant data sets, while they must have a willingness to take this information on-board and alter their gambling strategy when necessary.
If you play video poker, the chances are that you’ll have a clearer understanding of these attributes. After all, this type of game is far removed from traditional poker, as players cannot rely on body language or physical tells to prosper when playing online.
However, they can gain a competitive advantage by analysing the data pertaining to their rivals, particularly those who compete in live tournaments with a lucrative prize fund. This includes information about their past performance and the type of strategies used to succeed, while it may also offer an insight into the philosophy that underpins their gameplay.
By identifying and analysing such data, you can adjust your strategy accordingly and optimise your chances of winning in every single game. This type of small detail can make a big difference to online gamblers, particularly those who like to play for relatively high stakes.
5. An Innate Sense of Self-confidence
Next we come to an attribute that arguably ties many of the previously listed characteristics together, and one that’s crucial if you’re to follow through on your strategy with genuine conviction.
We’re talking, of course, about self-confidence, which is an attribute that often distinguishes willing but limited gamblers from genuinely successful ones.
After all, things do not always go your way when gambling, whether you’re taking on a rival during a real-time poker tournament or competing against a dealer and the house edge when playing roulette.
The fluctuations in fortunes that take place during these games can have a direct impact on your levels of confidence, which may, in turn, cause you to question that viability of your strategy. With a resolute approach and genuine belief in both your ability and your strategy, however, you can navigate these challenging periods and sustain success over a longer period of time.
Arguably, a healthy level of self-confidence is also necessary if you’re to gamble in the first place, as all games have at least a minimal house edge and offer relatively oppressive odds to players.
To take on this challenge, you’ll need to have a genuine belief in yourself and your ability to optimise returns by using a carefully considered strategy.
6. A Willingness to Showcase Interpersonal Talent
So far, it’s fair to say that the attributes we’ve featured on this list have universal merit across both on and offline gambling channels.
There’s no doubt that there are considerable differences between these two entities, however, which means that gamblers may need to display different characteristics depending on whether they’re gambling on or offline.
If you like to frequent bricks-and-mortar casinos, for example, you’ll need to showcase an innate interpersonal ability and a willingness to respect both dealers and your rival players.
The reason for this is simple; as land-based casinos add a unique human element to the gambling experience and force players to compete against one another and the house in a crowded space. At the same time, casinos are predisposed to dislike successful gamblers as they detract from their bottom line, so they’ll look for any chance to eject regular winners from their premises.
This means rude players or those that lack interpersonal skills are likely to draw unwanted attention to themselves, particularly if they’re also winning and taking money out of the casino pot. This can result in them being removed and in some instances permanently banned from specific casinos, making it exceptionally difficult for you to succeed.
It’s also important that you respect the rules of the casino, especially during individual games of blackjack or roulette. There are certain examples of etiquette that you’ll need to adhere to at all times, including respecting the dealer and only laying down wagers during the specified periods.
So long as you can follow these rules and also make a positive impression on those around you, you’ll optimise your chances of enjoying extended gameplay and maximising your potential winnings!
The Last Word
These six attributes all contribute to the typical gamblers’ mindset, although there are others that are also worthy of being mentioned.
Successful gamblers tend to have a positive attitude towards gaming and life as a whole, for example, as once again helps them to overcome significant setbacks such as a large-scale loss or extended losing streak.
Not only this, but successful gamblers also tend to be defined by a soft-focus concentration, which enables them to follow the action as it unfolds without becoming preoccupied with single elements of gameplay. This way, they can react to every in-game event as it unfolds, without being blind-sided by a rival competitor or an unexpected twist of fate.
It can also be argued that successful gamblers are self-effacing and have their ego under control, as this ensures that they react in a measured and positive way when challenged by a dealer or a fellow player.
Make no mistake; on over-developed ego does not always react well to defeat or adversity, while there may always be a temptation for such individuals to make ineffective but macho gestures in order to re-establish their perceived dominance.
While not all successful gamblers share the same characteristics, the attributes listed here are synonymous with successful wagering both on and offline.
Ultimately, these must be combined with practice, knowledge and understanding, as this will contribute to an informed mindset that can underpin considerable success over time.