Tossing the Coin: The Good and Bad Side of Gambling

Gambling, whether sports betting or online casino games, is debatable. I agree that gambling is a source of entertainment, social cohesion, and potential financial gain. On the other side of the coin, problem gambling is real. Players with an online gambling addiction may lose money chasing losses and get into social and health issues, such as crime, family conflicts, and depression.

Throughout history, there have been winners and losers in gambling. Kerry Packer, a sensational gambler, won $20 million in 40 minutes playing baccarat at the MGM casino in Las Vegas. His betting strategy was simultaneously placing $250,000 bets across eight tables. 

But as the old gambling saying goes, you win some, you lose some. Kerry Packer lost $16.5 million in three days playing baccarat at the exclusive Crockford’s casino in London.

But does it end there?

No. In this article, we’ll explore the good and bad of gambling, including betting strategies like arbitrage betting and tools and software to manage problem gambling.

The Good Sides of Gambling

Is gambling good? Casino and gambling on sports events online and offline, despite the discrimination against it, has a bunch of benefits that cannot be overlooked. When done in moderation, legal sports betting has, but not limited to, the following benefits:

Social and Psychological Benefits

Gambling happens online and offline (the choice depends on each player’s interest and preference). With the advancement in technology, including fast internet speeds, gambling gives players a social and psychological advantage.

Gambling can be a source of entertainment and excitement when placing bets on sports events like college basketball, baseball, and horse racing or playing the lottery, video poker, craps, and slot machine. As you focus on betting, you escape from the hustle and bustle of life, increasing the odds of being happy.

Brick and mortar and online casino sites provide opportunities for social interaction. At a brick and mortar casino, players interact face to face while online, they use the chat function. This allows them to build relationships and exchange betting strategies.

Gambling is also a source of motivation for gamblers who love strategy games. They may set a goal and when they achieve it, the sense of accomplishment increases their self-esteem and confidence.

Economic Benefits of Gambling

Gambling has economic benefits. First, bettors have the potential to earn extra income on sports betting and online casino games. But players need to understand basic concepts like sports betting odds, bet types, and other rules like moneyline to have a winning advantage.

Secondly, the gambling industry contributes to most countries’ economies. The sector employs many people, from software developers to bookies and casino staff and also generates tax revenue for governments. Where tourists abound, locals and foreigners invest in casinos and gambling venues. This investment attracts bettors, stimulating money circulation and economic growth.

Gambling and Educational Opportunities

Online gambling involves learning the basic and advanced rules of each game before you can play online casino or participate in sports betting. During this stage, players learn about betting strategies, bet types, sports odds, bonuses, and bankroll and risk management. This can help punters improve their critical thinking skills.

Gambling is also used as a reference tool for teaching and learning mathematics. For example, experts can deduce workable examples of probability, statistics, and risk management from the best slots to play online for real money. This can boost students’ understanding of mathematics and its wide application in real-life situations.

Gambling and Mental Health

When done in moderation, gambling can be beneficial for mental health and overall well-being. Engaging in games that require knowledge, strategy, and skill, such as poker and blackjack, to analyze statistics calculate probability, and make decisions can boost players’ cognitive abilities and mental agility.

Gambling also provides a form of escapism, allowing individuals struggling with anxiety disorder and depression among other mental health issues to focus on other relaxing activities. While this is a temporary distraction from individual problems, it relieves stress.

Community Building

Gambling is a social tool that brings people together. When individuals meet at traditional brick and mortar or online casino sites, they can interact and exchange ideas, stimulating community building. Some organizations hold annual gambling events like charity casino nights or community poker tournaments. These activities bring people together and raise funds that can be used for the common good of the community.

Who Are the Top Three Casino Winners Ever?

Gambling, whether in-person or online, comes with the potential of making extra cash. While most online and offline casino games depend on luck, knowledge and designing a betting strategy based on mathematics can increase your winning odds.

Some names that won a huge sum of money playing casino games include:

Archie Karas

Archie Karas is famously known as the Greek Gambler who lost $40 million faster than he had won it. Archie turned $50 into a whooping fortune by playing poker games in Las Vegas. Unfortunately, he ended up losing all his fortune!

Mr. Anonymous

Mr. Anonymous, a young software engineer based in Los Angeles, is the biggest slot winner. In 2003, the anonymous gambler playing at Excalibur Casino placed a $100 bet on a Megabucks slot and won $39.7 million.

Cynthia Jay-Brennan

Cynthia is the luckiest woman ever to win big playing a Megabucks slot machine jackpot. Cynthia won $35 million after three Megabucks spins at Desert Inn Casino in Las Vegas in 2002. Unfortunately, her luck didn’t last long as a drunk driver knocked her, leaving her with life-long injuries.

The Bad Sides of Gambling

According to the Mayo Clinic, compulsive online casino and gambling can stimulate the brain, resulting in addiction. This addiction leads to problem gambling where an individual constantly chases losses and may end up using all his savings and getting into debt.

When talking about the bad sides of sports and online casino gambling, we may mention suicide or suicidal thoughts, bipolar disorder, attention deficit hyperactivity disorder, and anxiety. Please read with care. We will discuss where you can get help for gambling problems, though.

Gambling and Mental Health

Gambling addiction can put your mental health at risk. Compulsive gambling causes anxiety, stress, and depression. Problem gambling is also associated with suicide and suicidal thoughts. A player who has lost thousands or millions of money and entered into debt may have thoughts of ending their lives. But hold on. Help is always on the line and psychology experts can help revert your brain chemistry to stop gambling and enjoy life again.

Gambling can also lead to poor general health due to a lack of enough sleep, poor nutrition, and neglected hygiene. This can escalate into substance abuse as a way to cope with the gambling addiction.

Gambling and Financial Problems, including Bankruptcy

Problem gambling can result in accumulated loss of large sums of money and getting into debt. As an individual repeatedly places bets to make up for losses, they may end up draining their savings, retirement funds, or college funds to feed the gambling addiction

In severe cases, gambling addicts may default on a mortgage, rent, or other critical payments. This may result in filing for personal bankruptcy after gambling away all available assets.

Gambling and Relationship Problems

Problem gambling may result in spouse or family conflicts and arguments over money being spent on gambling rather than household needs. Betting addicts may neglect quality time with family and friends and constantly lie to them about gambling activities and losses. This may lead to a breakdown of trust, forcing a spouse to leave or divorce a partner addicted to online casino and sports betting activities.

Gambling and Legal Issues

Gambling addiction may result in legal issues, such as stealing money from employers, family, or friends to fund gambling. Some individuals may forge checks or documents to obtain loans or credit for betting. This may result in being arrested for theft, fraud, embezzlement, or other crimes committed to finance gambling and possibly serving prison sentences for gambling-related criminal activities.

Gambling and Poor Work Performance

Gambling addiction can lower the productivity of an individual. If an employee is preoccupied with gambling, they may frequently miss work or be unable to focus or meet deadlines because of the mental anguish of the addiction.

Problem gambling can risk a career by using work time and resources for gambling. This may lead to termination from a job after the employer discovers gambling-related misconduct.

Biggest Gambling Losses Ever

There is a reason why some people say gambling is bad. If not done in moderation, offline and online gambling can result in financial losses, and we have evidence for this statement. Below are some examples of gambling losses in history.

$127 million

In 2007, Terrance Watanabe went on a gambling spree in Las Vegas. He placed bets worth $835 million on Baccarat and Blackjack at Caesars Palace, lost $127 million, and still owes the casino $15 million. The Caesars Palace was fined $225,000 for letting Terrance continue betting while intoxicated.

$40 million

Archie Karas is a perfect example of from rags to riches to rags again. He began his gambling journey with $50 in Las Vegas in 1992 and made consistent wins, accumulating $40 million within three years. Despite holding the longest and largest winning streak, Archie lost $40 million he had won playing poker games in three weeks.

$30 million

You’ve probably heard about Charles Barkley, an 11-time NBA All-star. Charles used most of his wealth during his NBA career to gamble. He lost $2.5 million in a single Blackjack session but only stopped betting once he lost a whopping $30 million.

$20.5 million

Between 2012 and 2013, Harry Kakavas lost $20.5 million playing casino games at the Crown Casino in Melbourne. This happened after he lost millions playing Baccarat in Las Vegas. Harry sued the Crown Casino for enticing him to gamble but lost the case.

$13 million

Maureen O’Connor wagered over $1 billion during her tenure as the Mayor of San Diego and lost $13 million. She even borrowed $2 million and spent it all on video poker, although she paid back the debt.

Gambling Verdict

Gambling has two sides. When tossing the coin, some win and others lose. Moderate offline and online gambling has a bunch of benefits. First, if you use the right statistics for your betting strategies, you can potentially win some money placing bets.

Secondly, offline and online gambling is a form of escapism, helping individuals take a break from the pressures of life. Players also get a chance to interact with others online and offline, contributing to a sense of belonging and community building.

On the other hand, gambling, if not done in moderation, can lead to addiction. Problem gambling may result in financial losses, debt, family conflicts, and mental health issues, such as bipolar disorder, attention deficit hyperactivity disorder, and anxiety.

My final verdict is gambling is addictive. To ensure you experience the entertainment and exciting aspects of betting online and offline, gamble responsibly. Always seek help when you start showing the signs and symptoms of problem gambling, such as anxiety, debt, and reduced productivity at work.

Sports Betting Strategies

A sports betting strategy can help you minimize your losses and maximize your betting profits. First, online betting sites apply a minimum of 10% commission on the market odds they offer, giving them a nominal edge against bettors.

To understand the concept of nominal advantage, let’s use American odds and the major league soccer event. If two punters place an $11 bet on the opposite result of a major league soccer event between Los Angeles and Inter Miami at 11/10 odds, the winner will bank $21 out of the $22 risk. The house will keep $1 as a nominal edge commission.

This necessitates developing a betting strategy whenever playing on sports betting sites to counter the partial edge that favors sportsbooks. A sports betting strategy also helps you take control of your stake amount, bet types, and bonus bets to maximize profit.

Some of the popular sports betting strategies you can use as a hedge against sportsbooks include:

Contrarian Betting Strategy

In unpredictable legal sports betting events like football, cricket, college basketball, horse racing, and baseball, we have seen underdog teams winning against the favorites. The contrarian betting strategy advocates for betting against the popular opponent.

In sports betting, the underdog will always have high odds. If you analyze the set of data and statistics and determine the outcome will go against public opinion, you can place a bet on the underdog for higher returns.

Bankroll Management

Bankroll management applies to online casino and sports betting. This strategy involves setting aside a fixed amount of money you can afford to lose for online gambling. The goal is to create a single betting unit stake from the total bankroll and spread it across the competition you want to bet on.

Understanding How Sports Betting Odds Work

Every sports bettor needs to understand how odds work. This is crucial in determining the probability of an outcome occurring and the potential return.

The main sports betting odds are fractional (British) odds, decimal (European) odds, and money line (American odds).

Money line or American odds are popular in the U.S.A. The odds of the favorite team have a minus (-) sign, indicating the amount you need to stake to win $100. The odds of the underdog have a positive (+) sign, indicating the amount you can win for every $100 you risk.

The fractional or British odds are popular among British and Irish bookmakers. Fractional odds use a slash (/) or hyphen (-) to indicate the amount you will win for every $1 stake. For example, 6/1 means that if you wager $10, you can potentially win a total payout of $70 (potential profit of $60 plus $10 stake).

Decimal or European odds are popular in Australia, Canada, and the rest of the world. European odds use decimal numbers to represent the potential amount you can win for every $1 bet. For example, in a match between Liverpool (1.40) and Crystal Palace (8.00), you can potentially win $140 if you bet $100 on Liverpool or $800 on Palace.

Avoid Extensive Parlay Bets

In sports betting, a parlay bet involves combining two or more bets into one wager. Most sportsbooks use ‘accumulator’ or ‘multis’ instead of parlay. To successfully win a a parlay bet, all the selected events in the wager should result as predicted.

To minimize the risk of parlay betting, avoid adding many bets into one wager. For example, instead of placing a parlay bet of 10 gameweek matches of a Premier League fixture, you can cap your picks to four, increasing your winning odds.

Hedge Bets

You have probably heard about hedging bets. But what does it mean to hedge a bet?

Hedging is a betting strategy in which a bettor places a bet on the opposite of a previously placed bet to minimize the risk of losing money or to guarantee a profit.

How do you place a hedge bet?

Let’s say you originally placed a bet on the American football team New York Jets to win NFL playoffs at 60-1, the potential return is $6,000. Before the match, you place a hedge bet of $1000 on Los Angeles Rams at 2-1 odds. If the Jets win, you make a $5,000 profit (a $1,000 hedge bet is lost).

If the Los Angeles Rams wins, you make a $900 net profit (the $100 original wager is lost). In the case where you didn’t place a hedge bet and Los Angeles won, you lose your original $100 stake plus the $6,000 potential profit.

Arbitrage Betting

Every sports bettor is always looking for opportunities to maximize their profit. While there are plenty of betting strategies to make the most out of every dollar we wager, some strategies like arbitrage sports betting don’t come around every day.

So, what is arbitrage in sports betting?

Arbitrage betting, also known as arbing or arb betting, is a betting strategy where a player places two bets on the same event simultaneously. Arb betting is only possible when using different sportsbooks with different odds for the same sporting event.

How Do You Find Arbitrage Betting Opportunities?

If you want to get into arbing, you must learn how to find opportunities to arbitrage on sports betting sites. First, you need to access an arbitrage betting calculator to help you ascertain if there exists an arbing opportunity.

An arb betting opportunity involves finding a sporting event with significantly differing odds on different bookies. The arbing calculator can also help you calculate how much to wager on both sides to maximize your profit.

Arbitrage opportunities are often popular in Major League Baseball sports events. For example, when the Los Angeles Rams are playing the Royals in playoffs, the Rams may be +110 on the moneyline at Melbet. The Royals may be +110 at 1xBet.

If you stake $100 on the Los Angeles Rams at Melbet and $100 on the Royals at 1xBet, your net profit will be $10 regardless of the outcome.

Tips for Winning Online Casino Games

Are you looking for a better strategy for winning money at an online casino? While traditional and online casino games depend on luck, there are tips and tricks you can use to boost your winning chances. And with the advancement in technology, you can access these tips on your smartphone and bet on the go from mobile betting apps.

Practice in Demo Mode

Online casino games, such as online poker, blackjack, roulette, and slot machines have a higher risk of losing money if you don’t understand how they work. That’s where practising in demo mode comes in.

Before you spend a cent on dice, cards, or table games, try them out for free. Demo mode allows you to work out online casino games you are good at and how they work. Once you master the basics of your favorite casino games, you can play at the best online casino real money sites like 7Bit, JooCasino, Katsubet, and Fairspin.

Take Advantage of Online Casino Bonuses

Casino bonuses are a good way to start betting on real money slots, video poker, roulette, or blackjack. Remember, lucrative casino bonuses come with a set of wagering requirements that you must fulfil.

Before you claim the bonus, read through all the terms and conditions. Common casino bonuses you can claim include a welcome bonus, cash back, no deposit bonus, free spins, and loyalty program rewards.

Another attractive offer is the crypto bonus which typically comes as a no-deposit or cashback offer. Players can also earn a crypto bonus as part of a matching bonus offer when they make a digital asset deposit into their account.

Choose Legal and Trusted Online Casino Sites

When looking to play slot machine variants or other online casino games, stick to legal and trusted online casino sites. This guarantees that you play in a safe and secure environment with minimum risk of data breach. You are also assured of getting your hands on the money if you win big prizes.

Another way to experience security while staying anonymous is to try out our new crypto casinos. One major advantage of crypto casinos is the ability to make fast and anonymous transactions using cryptocurrencies like Bitcoin, Ethereum, and Litecoin, and accepting payment methods such as Skrill, Neteller, Neosurf, and Coinspaid.

Take Advantage of Tweaked Slots Strategies

While the outcome of most online casino games depends on chance, there are tweaked strategies you can use to increase your winning odds.

The first strategy is level betting. Here, you set a bet unit size and increase it after every five losses in a row. You can use this strategy when playing games with low volatility to recover your losses.

The next strategy is fixed percentage betting, which is recommended when playing medium-high volatility games. This strategy allows you to increase your stake based on the available bankroll.

Another practical strategy is the modified Martingale betting system that advocates doubling your stake after a loss and lowering it after a win.

Lastly, you can try the progressive jackpot strategy. First, you’ll need to understand the jackpot requirements by visiting the game info section. After that, deposit enough money and place progressive bets using the minimum stake. This way, you can win regular cash prizes while still aiming for the jackpot.

Gamble Responsibly

Responsible gambling is an underrated way of maximizing profits when playing online casino games. The first step in responsible online gambling setting a budget, staying within the bankroll, and avoiding any temptations to spend more money chasing quick wins.

As a rule of thumb, always wager money you can afford to lose. To stay on track, you can set a daily spending and deposit limit depending on the volatility of the games you want to play.

To have stable mental health when betting, don’t hesitate to seek help and exclude yourself from gambling activities when you see the signs and symptoms of problem gambling.

Where to Get Gambling Support

Are you or someone you know battling compulsive gambling? There’s help for gamblers like you. First, you can use self-help materials like website blocking software, self-exclusion, workbooks, and money management tools.

Consequently, you can get gambling support from GamCare, GamStop, GambleAware, or RGC. Once you register on these gambling support platforms, you’ll be blocked from accessing any gambling site for the specified time. You’ll also receive supportive materials to help you recover from gambling addiction.

Frequently Asked Questions

What is parimutuel betting? Parimutuel betting or pool betting is a form of legal betting where bettors place bets against each other instead of wagering against a bookmaker. The wagers are put in one pool and shared equally among players who make the winning selection.

Is a betting exchange the same as traditional online betting sites? No, a betting exchange is not the same as traditional online betting sites. A betting exchange involves wagering directly against other punters (backing or laying a bet).

What is handicap betting? Handicapping in online sports betting involves giving an underdog player or team an advantage to even the chances of both sides winning a specific event. For example, in an American football event, the underdog team (let’s say it’s New England Patriots) gets a virtual +7.5 points while New York Giants (favorites) get -7.5 points. For a handicap bet to win, the final result between the two teams should be 8 points or more.

What is matched betting? Matched betting is an online sports betting strategy that involves taking advantage of free bets and promotional offers on online betting sites.

What are betting systems? Betting systems refer to advanced models that help bettors determine all profitable opportunities in gambling. Popular betting systems include the Martingale strategy, insurance system, D’Alembert theory, Kelly criterion, and sports handicapping.