What Percentage of Gamblers Go Broke — And How You Can Avoid It

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Gamblers Go Broke

According to the latest research, 3% of the global population is addicted to gambling. Online casinos are more dangerous than the land-based counterparts, as they are instantly accessible from any device 24/7. Compulsive gambling can destroy careers and personal relationships, but only some players end up in the red. Let’s see what percentage of gamblers go broke and how to avoid it.

So, how many gamblers file for bankruptcy? According to the latest data, 20%. Other negative consequences are also dramatic: problem gamblers get divorced twice as often as non-gamblers. Finally, one in five addicts attempts to take their own life. The suicide rate is 20 higher than for people who do not use casinos.

The Upside of Gambling

It is no secret that all casinos are designed to be fascinating. On the internet, colorful graphics and amusing soundtracks are psychological cues to make you continue playing. At the same time, casinos reviewed by websites like thegamblinglife.com are all perfectly legit, with reliable RNGs and fair payouts. Gambling safely is possible if you follow some simple rules.

Rule 1. Understand RNGs

RNG is the heart of every online casino. This piece of code defines the outcome of every game based on a complex mathematical sequence. Every player must understand that their betting patterns have no influence on the future. As a legit casino is perfectly fair, all users have equal chances of winning regardless of how much and how often they bet.

Too many gamblers start perceiving games as some conscious entities. Do not make this mistake. The outcomes are unpredictable. If there was a magic formula to foresee or alter the odds, casinos would quickly go under.

Rule 2. Set Strict Limits

Decide how much you can afford to lose per day, per week and per month. Define a strict betting budget. Stick to it at all times. If you lose, take a break. Resist the temptation to stay and chase your losses. 

Rule 3. Compare Games

To improve your chances, learn the right metrics. Games may be compared based on their RNG, and slots have different volatility. Return to player is a ratio showing how much of your wagers will be paid back in the long run. The closer it is to 100%, the better. For example, a game with an RTP of 94% will pay less than a game with 98%.

Volatility is the correlation between the frequency and the size of wins. Generally, the bigger the payouts, the less often you can win. Games with the largest jackpots usually have low volatility. 

Final Words

Did you know that even game soundtracks are designed to stimulate excitement? In slots, both losing and winning trigger celebratory sound effects! Learn about how casinos work and look out for such tricks. The knowledge of psychology will help you stay within budget, so gambling will not turn into an addiction.

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