The Value of Money

[Besty]

Hi Guys

1st post, just joined but have been a lurker for a while.

Just interested in others opinions on this as I feel that I slowly lost track of the value of money through gambling.

I have been getting back into online casinos over the last few months and have been roughly spending around £500 a month. I have been happily spending that without worry and on Sunday I had my biggest ever win. I havent gambled since that night and have been buying stuff that I have been wanting for a while and why doing so realised I could have bought myself these bits without issue if I didnt gamble each month.

Wouldnt blink at spending 50 here or 100 there on the casino, forgetting what it can buy you in real life. I have pushed the boat out and treated myself this week and have spent a fraction of my win and am just realising I could do this more often if I didnt have the mind set of that spare money being set aside for gambling money each month.

Just wondering if others having the mind set that spare money is gambling money and not that it could be used elsewhere.

Dont get me wrong, I am not spending house or family money, just realised that I set myself acceptable losses each month and gamble until it is gone rather then saving and using for better things.

Sorry to ramble on, just interested in the way others see their gambling money/spare money

Great forum too and has been a great source of info

Besty

 

[Casino2014man]

I certainly feel that way and it is a very slippery slope..

I have on occasion won more than my month salary in a night, then lost it like an idiot, only realising what I had the next day or the next stressful day at work.

You have to be so careful. I have learned the hard way!

 

[Besty]

Its almost like a monthly bill, gambling.

Havent gambled all week, and not planning to at the moment. There is no way I can top this week, so all seems pointless at the moment and it just dawned on me that it is a stupid cycle I was in.

Its a bit like the casinos using chips to try and take away the link to cash and is very similar through online banks and casinos. You never see the cash, only a few numbers giong up and down on a screen, almost not real and is a dangerous hobby.

Either need to pack in or adjust the stakes. Never thought I had an issue, but stepping back this week has opened my eyes as was a bit blinkered.

 

[dunover]

Well at least you set aside 'spare' money for it which is what I do myself. You didn't BORROW to do it which is the signs of a problem and the start of the slippery descent into gambling hell. You've could've drank it, spent it on handbags etc. But you're right, I do exactly the same by setting aside money for it and write it off before I start and like you I often question the wisdom of why. I have had a decent year though and made several K profit which is all saved. When my cash-outs arrive the stakes for that week and profits (if applicable) are wired to a savings account which I have slow access to. I've never touched them. If I've had a big win say over 1K I may keep a few hundred back for a higher-stake session paid for by the profits the previous week obviously.

I suppose if I had a massive win I would like you question the point of continuing when there's little to achieve, little chance of beating it. I would have to regain the mindset of starting off afresh on the usual 40-50 quid deposits for 30-80p spins. The danger of a decent win lies in the feeling of invincibility afterwards, you have the bankroll to hi-roll and then get used to that and find it hard to 'come down' later, often too late.

So, you cannot be faulted for your logic!

 

[ProbabilityZero]

Great topic and welcome to the forum

I totally agree with everything you say and I am cutting down my gambling now to a modest £50 per month.

It's not just the money though it's time. I am questioning whether sitting there watching the reels spin is really worth the excessive time I spend doing so!

I realise that my mind set lately has been looking forward to slots more than anything else. This begs the question of what is the point of winning if the only thing important is spending it on same!

I have neglected my walks, cinema, tv programmes etc.

Time to impose financial limits and just as importantly remember the other joys I have in life.

I'm off to read my book

 

[goatwack]

I have cultivated the mindset that whatever disposable income I have after bills is almost just credits to fund a session (bad habit).

If I set aside £50 - 100 of spare money I see this as a means to an end, often spent in £20 or £30 chunks. I too like Dunover and many others enjoy the challenge of low rolling and building up a cashable withdrawal.

Often I might be up a couple of hundred but don't cash out, wheras a couple of years ago a £20 profit withdrawal would be considered a triumph

Those small withdrawals remind you that it is real money that can be put to good use in reality.

The problem comes with attaining large bankrolls in a really short timeframe eg where the hits keep coming and next thing you know you've got a few hundred. It just becomes an addiction where it's easy come, easy go and just an ever- expanding number in the bottom left of the screen.

This is a kind of desensitisation and blurs the lines between real money and playable credits in my opinion.

For some strange reason small losses are felt harder and are easier to equate to real- life losses, such as 'damn, I could have bought a game with that' or put it towards something tangible. The rollercoaster sessions of low balance - high balance - low balance don't seem as bad!

To be fair I think everyone here could admit to themselves that they could cut back on their gambling budget a bit, it certainly can only be a good thing

 

[brianmon]

I think it can be worse if you use Neteller or Skrill.

I use Neteller just for gambling and although I've had a VERY lucky 3 or 4 weeks, playing most days. I've transferred a few K out of the account to my bank, But I've always keep a balance in Neteller of £300-£500, which I probably see more as credits than actual cash.

I'd deposit £100+ on a daily basis from Neteller without really thinking too much about it. But it would be different if I was depositing that with my Visa card from my bank account.

 

[nisosbar]

I think I have always budgeted for entertainment; obviously, it's not a need as much as a want, but still, you can EASILY spend $100 on a meal at a restaurant, even though you didn't enjoy it. It's really a matter of staying within your budget.

 

[psychogene]

Hi there great question OP and answers too and yes I totally agree that gambling when you do it for a long time consistently colors the real value of money and especially if you are the type of person who if you were not gambling would not be spending that large of a sum on entertainment purposes.

Gambling as a form of entertainment can so easily get out of control and the longer you play and after experiencing a few big/huge wins as a gambler you will look at spare money differently to those that don't gamble. If you had say $50 that you did not need in the near future there is not much else you can do with it other than to spend it on something - anything - and use it up, save it up which would require patience and resolve to build it to a useful figure or - as a gambler - look at it as a way to make more money as long as you can win something and withdraw a bigger sum. The problem is not gambling once and winning its when you gamble for a long time that you always tend to look at money as a way to make more money and even when you lose it feels that you can just make it back at some point gambling.

I don't think any real gambler can escape this thinking its just natural after we experience it ourselves. Setting a budget and sticking to it is really the best way to gamble and never crossing that line. As dunover said once you borrow money to gamble then you are becoming compulsive and need to get yourself in check before it gets worst.

In an ideal world you'd be well off - have all the things you need to live comfortably and money to waste on whatever you choose but the real world is not a fantasy for the majority of people and you need money to function for as long as you are alive. When you are gambling it does take your mind of the real world as it should because its entertainment and money becomes 'play money' so its easy to lose track of time/how much you have spent etc. If you set a budget and think about how much you are willing to lose to it to gambling as if it was money that if you lost or got stolen would not affect you to much than gambling does become quite enjoyable.

In short I'd say yes gamble does change our perception of the value of money but if you plan ahead on how much you are willing to spend gambling (to lose) then you can always be realistic about the value of money and to make sure gambling does not affect it ahead of real world expenses. If you have control of your gambling budget you should have no problems looking at money that is used for useful purposes and money that you can afford to spend on entertainment.

 

[goatwack]

Hi there great question OP and answers too and yes I totally agree that gambling when you do it for a long time consistently colors the real value of money and especially if you are the type of person who if you were not gambling would not be spending that large of a sum on entertainment purposes.

Gambling as a form of entertainment can so easily get out of control and the longer you play and after experiencing a few big/huge wins as a gambler you will look at spare money differently to those that don't gamble. If you had say $50 that you did not need in the near future there is not much else you can do with it other than to spend it on something - anything - and use it up, save it up which would require patience and resolve to build it to a useful figure or - as a gambler - look at it as a way to make more money as long as you can win something and withdraw a bigger sum. The problem is not gambling once and winning its when you gamble for a long time that you always tend to look at money as a way to make more money and even when you lose it feels that you can just make it back at some point gambling.

I don't think any real gambler can escape this thinking its just natural after we experience it ourselves. Setting a budget and sticking to it is really the best way to gamble and never crossing that line. As dunover said once you borrow money to gamble then you are becoming compulsive and need to get yourself in check before it gets worst.

In an ideal world you'd be well off - have all the things you need to live comfortably and money to waste on whatever you choose but the real world is not a fantasy for the majority of people and you need money to function for as long as you are alive. When you are gambling it does take your mind of the real world as it should because its entertainment and money becomes 'play money' so its easy to lose track of time/how much you have spent etc. If you set a budget and think about how much you are willing to lose to it to gambling as if it was money that if you lost or got stolen would not affect you to much than gambling does become quite enjoyable.

In short I'd say yes gamble does change our perception of the value of money but if you plan ahead on how much you are willing to spend gambling (to lose) then you can always be realistic about the value of money and to make sure gambling does not affect it ahead of real world expenses. If you have control of your gambling budget you should have no problems looking at money that is used for useful purposes and money that you can afford to spend on entertainment.

Totally bang on, Psychogene. Awesome points, it is too true that the longer you gamble the more you lose perspective.

Any money that is left over instantly becomes 'play money' and is nearly always used as leverage to attain more money. Rarely would it be used for something material / useful when it could fund a potentially great winning session. This is the unfortunate side- effect of a gambler having spare funds and greed taking hold.

Of course nineteen out of twenty times that money would be wasted. It makes you kinda regret ever having seen those big wins and rather just a few smaller ones instead! Call it jaded gambler syndrome

I will have to work on a budget myself as I pretty much gamble when I feel like it, sticking to a budget obviously seems like the popular consensus.

Also depositing / withdrawing on my debit card also blurs the lines between recreation and bills, so I might use whack a load on an E- Wallet and be done with it for the month

 

[dunover]

As you know I video most of my play and that includes the 'dunover disaster' series too! In other words I post the crap sessions with the profitable. If you are familiar with them you'll see the balances drop when I cash wins out during the videos, also you'll hear me commentate on how far down I am before I un-pause to film any features that come in. If I wasn't being honest with you people, I would be deceiving myself and I would never do that.

When I say I am up it's true and by a decent 4-figure sum this last 12 months - but that is mainly due to the big hits you have seen on RR, the DoA 5-scatters on the snazzyslots-sponsored film plus the 2 or 3 Netent long videos where I have made large cash-outs from small deposits (Like the most recent one).

I get positive feedback on YouTube for posting the poor videos which contain few decent wins and loads of whingeing/grizzling and foil-hatting along with liberal doses of profanity - because people like to see the reality of LOSING as well as the 'wonder hits' as it keeps matters in perspective.

I also deposit 40 or 50 each month at my 32red MG download sites and yet have posted only 1 or 2 videos of those sessions due to the simple fact there's nowt to film and the sessions went without big wins or features which is all too usual there

 

[judgenico]

yes great topic ive thought recently myself of posting a similar thread as i too have been questioning the amount of time i spend playing slots despite a quite incredible run dating back to oct 2013.the fact ive been winning steadily obviously dosn,t help the amount of time i put in but slotting can really take over your life and you end up not doing the other things in life that can also bring great pleasure so i guess the golden rule as in most things in life shoud be everything in moderation

 

[spintee]

First of a you done a great post,

I say that I got nothing to put a side, No kids, no wifey to bang in my ear drums, so as long as the bills are paid I am good, I have nether been tight and looked after all my mates, I say if you got spare spend it, I hate tight gits or wankers at the pub charging you a quid for 1 splash of lemonade on top of the beer you just bought,

I can understand that if married and kids its a different story & you have to set a side a few bob, I got the 300 quid win from VJ ther other day, Nothing to shout about but I bought a pair of jeans and a touch pannle for my litlle cousins android, and a 2nd hand tuble dryer After the casion's hand there share than thats spent, & a few beers

I can spend 300 a week easy and get nothing back, so was nice to have a little win, I seen things in this life people would not even dream about, its a fuked up world we live in now & does not help when casino do you in

 

[Mousey]

I've always looked at it this way, if I stick to my household budget and there's extra at the end of the month that money is mine to do with as I choose - blow it on a new handbag, or gambling, or donations for the local animal shelter, or trying out the new eating joint in town, or sock it away for later.

When we used to go on weekend B&M gambling trips my relatives moaned about us 'throwing money away'. However, we NEVER blew more than intended (we always stuck with what we'd brought with us for gambling) and just like a 'regular' vacation we squirreled away funds for the trip in advance so all bills were paid, etc. Our room was always free, most if not all, of our meals were comped, there was freeplay thrown in to boot. Sometimes we brought back less than we took with us, sometimes we brought back more, once or twice we blew all we took with us when Lady Luck took the piss on our cards/machines - we always enjoyed the hell out of it regardless.

Yet, my cousin and her husband take a week long Florida beach vacation once or twice a year and blow thousand$ - what with decent hotel rooms running $400 or more per night and I never heard any of the family moaning about them 'throwing their money away', and worrying because they might not come back with their vacation money still in their pockets.

So, as long as gambling is merely entertainment, you're not gambling with household expense funds, then have at it. If you're beginning to feel as if you're blowing the money for naught, and gambling isn't fun anymore, then skip a few sessions or weeks and do something with the money that makes you feel good.

I haven't played or deposited in a few years (because I'm in USA, grew sick of RTG and exasperated with the money in/money out hassles), and though I'm not a bit 'richer' there are other things to spend the dough on that I enjoy and last a lot longer than the 5 - 10 minutes it takes me to blow $50 at an RTG casino.

 

[Besty]

Cheers for the replies Guys

As a few have said, I think it is a mind set that blurs the reality that 'chips' on the screen is hard cash

I have been through a stage of playing for fun, but my brain tricks me into thinking any wins on fun play are real life losses as that would be money in my account

I don't intend on stopping, but I am hoping my attitude to it changes and hope I actually withdraw more often as I am a sucker for leaving it in there and changing the goal posts. I start off with a target of turning my £100 into £500 and when I get there, rather then withdraw I change the target to £1000 and inevitably I lose.

Great site guys and looking forward to contributing

xx

 

[quber]

I find one of the easier ways to manage the winnings is to withdraw some funds while still leaving some to play with.

As you say Besty, you target £500 then if you make that you decide to go for £1k, the best way is when you get the £500 take out £400, this leaves you the original £100 and you can do the £500 challenge all over again, you also won't be tempted as much to play larger stakes as the bankroll is back to your normal amount.

The problem with leaving all the money in while you go for the £1k is that if you get to say £800 then drop back to the £500 you wanted to withdraw, you will then think you are due a win as you have just dropped £300 so it is too easy to chase the losses at that point.

 

[KasinoKing]

The problem with leaving all the money in while you go for the £1k is that if you get to say £800 then drop back to the £500 you wanted to withdraw, you will then think you are due a win as you have just dropped £300 so it is too easy to chase the losses at that point.

That is SO true!

Fortunately, recently when that has happened to me, I HAVE had the will-power to quit & cash-out - but it is VERY tempting to play on...

KK

 

[ProbabilityZero]

That is SO true!

Fortunately, recently when that has happened to me, I HAVE had the will-power to quit & cash-out - but it is VERY tempting to play on...

KK

Yes I have learned the hard way but also cash out when on up sure may lose it all over the coming days or weeks but my philosophy is that at least then I won't lose even more over that period

Plus it doesn't hurt so much that way

 

[Thunderluck]

I used to spend £100s a week going out drinking/partying etc. Now I don't do any of that so spend it on gambling, to me it's recreational spending money. Thinking about it I could have saved it and bought a very nice car, or a deposit on 2nd house etc but it's all easier with hindsight.

 

[BananaCognac]

Totally bang on, Psychogene. Awesome points, it is too true that the longer you gamble the more you lose perspective.

Any money that is left over instantly becomes 'play money' and is nearly always used as leverage to attain more money. Rarely would it be used for something material / useful when it could fund a potentially great winning session. This is the unfortunate side- effect of a gambler having spare funds and greed taking hold.

Of course nineteen out of twenty times that money would be wasted. It makes you kinda regret ever having seen those big wins and rather just a few smaller ones instead! Call it jaded gambler syndrome

I will have to work on a budget myself as I pretty much gamble when I feel like it, sticking to a budget obviously seems like the popular

Also depositing / withdrawing on my debit card also blurs the lines between recreation and bills, so I might use whack a load on an E- Wallet and be done with it for the month

Nothing to do with greed as most gamblers feed all the money back in after a big win -- gambling is addictive as drugs and can be more destructive. More people who are problems gamblers die from suicide than habitual cocaine and heroin users.

 

[goatwack]

Gambling has nothing to do with greed.

Wow, that's a new one.

 

[ProbabilityZero]

Personally I think gambling has nothing and everything to do with greed depending on the type of gambler.

Greed certainly plays a part in those who gamble SOLELY in hope of a big win. Plenty do.

But many including myself gamble for the thrill. A big win is a nice consequence of that thrill when it happens.

My main reason for gambling lies in my fascination of "probability" though. It fascinates and haunts various aspects of my life.

When told 10 years ago that a nodule on my lung had a 5% chance of being cancer the 1 in 20 odds did not comfort me.... Especially when I've had wins of 1 in 10000 chance lol.

It's because of my fascination of probability that I will penny spin at times and almost get the same thrill.

However there is a small element of greed hoping for big wins. Luckily my loathing of wasting money has "mostly" kept my gambling to a sensible level.

So now you know why my forum name is probability zero

 

[goatwack]

Yes I concur. The chase of the win is what drives most to gamble, it is an induced high. You get a reasonably big win, excitement receedes, repeat cycle.

I just feel like with any drug that the more one becomes familiar and numb to the highs, the harder it becomes to recreate, hence it becomes a perpetual repetition of chasing the dragon. Winnings that seemed pretty signifcant five minutes ago get hammered away in the vain pursuit of getting even more winnings, a problem that is more prevalent I feel amongst more experienced gamblers, as they have witnessed a few biggies along the way.

I can't imagine ever hitting big on a slot in my lifetime, but if I were to I'd hazard a guess that a fair percentage of that would be 're-invested' , sad to say

 

[ProbabilityZero]

One other aspect which is becoming increasingly interesting to me is attempting to complete pay table achievements. This appeals to the Xbox gamer in me and (sad I know) my previous fascination with "gotta catch em all" pokemon games

MG recent releases of pay table achievements and newer recorded wins with time achieved is a great advance for my style of play.

 

[goatwack]

Personally I don't set out to get all achievements, I just play a game to death and get them by default lol. Like Civ Revolution a few years ago on Xbox 360, I just played it as normal only to find I literally did everything in that game, even some of the more ridiculous challenges. Man I loved that game

As for paytable achievements though I generally don't bother as much as I tend to favour the 5x bonus rounds of IR or Thunderstruck 2 anyway