Playing casino games can be thrilling and scary at the same time. It takes courage to play the odds and test your luck, but it’s only natural to experience fear when you’re taking risks and putting your hard-earned money on the line.
Do you have a fear of gambling? Here’s a list of common fears that might impact your fun, as well as a few tips on how to stop fear from ruining your enjoyment when playing online casino games.
Fear of the Unknown
When you’re playing casino table games and other online gambling favorites, there’s no certainty to rely on; these are games of chance, where the outcome is unpredictable and nothing you do can guarantee a win. For this reason, random number generators (RNGs) are a major feature of online casino games, providing completely random outcomes that no gambling strategy can predict.
The way people respond to the unknown will depend on how afraid they are of not being in control. Some people flourish in uncertain times, whereas others can be emotionally paralyzed. There are ways, however, to overcome this fear.
One way to overcome fear of the unknown is to be armed with all the relevant information available. So, make sure you understand all aspects of gambling gameplay to maximize your enjoyment, including subtleties like casino etiquette.
Build confidence through your knowledge of gambling strategy and probability theory. Use any inspiration you need to make decisive decisions in the face of uncertainty, whether it’s the power of music or talking to yourself in the mirror.
Before you even set foot in a casino or start playing online casino games, consider which casino table games you want to play and how to play them. When it comes to online slots, for example, do you know what RTP stands for and how it works?
In case the term is unfamiliar, RTP, or return to player, is the percentage theoretically returned to players on online slot machines. If a machine has an RTP of 97%, this means that for every $100 spent by a player, $97 will, on average, be “won.” This doesn’t mean that you always receive 97% back. Instead, it’s an average across all players on that particular machine. In general, the best online slots have an RTP of 96% or higher.
If you’re new to gambling, here’s another fact you may not know: land-based casinos have lower average RTPs than online casinos. Online slots have an RTP of around 94–98% compared with an average of 70–74% for land-based casinos. The more you know about the casino games you enjoy playing, the less likely you are to experience fear of the unknown.
Fear of Loss of Money
Have you heard of Daniel Kahneman and Amos Tversky? The two famous behavioral economists created “prospect theory,” a behavioral model that shows how people make decisions based on the likelihood of losses or gains.
Kahneman and Tversky determined that losses loom much larger than gains — the pain of losing is, psychologically, about twice as powerful as the pleasure of gaining. When it comes to online gambling games, the fear of losing money can be overwhelming and detrimental to decision-making.
How can people overcome this fear of loss sensibly? Here are some ideas:
- Decide beforehand how much money you’re willing to lose when playing live dealer casino games or slots. Manage your bankroll carefully and stick to strategies that suit your risk tolerance.
- Understand when you can double down, particularly in games like blackjack, and when you need to walk away from the table. Playing it too safe can lead to missed opportunities.
- If you’re on a losing streak, it’s best to take a break and step away from the table. This gives you the opportunity to reassess your progress and goals.
- Don’t get too wrapped up in gambling for profit. Playing casino games is meant to be fun.
- Understand the house edge — the average gross profit that casinos expect to make from each game. The longer you play, the greater the chances that the result of your play will mirror the house edge, and you’ll lose money. Factor this variable into the time spent enjoying online gambling games.
Fear of Giving Back Profits
This is a major psychological hurdle — many players fear giving back any money they have gained. It’s totally normal to lose some money when enjoying your time playing games at a casino, but it’s also reasonable to fear that loss.
To overcome the fear of gambling, you need to have a proper betting system in place and follow a stringent bankroll management system, with clear stop and start points to ensure that you remain in control. If you want to reduce the risk of lost gains, put aside a percentage of your winnings each time you are profitable.
Here are some tips for managing your bankroll:
- Separate your casino playing money from your personal finances. Stick strictly to this budget.
- Don’t chase previous losses with reckless play. There’s no point to betting aggressively if you risk losing more than you can afford to.
- If losses have decreased your bankroll, lower the amounts you’re betting.
- Keep track of your sessions — this can be extremely valuable in connecting your mood or emotion to your gameplay.
Put Your Gambling Strategy to the Test at BetMGM
Now that you have some techniques for conquering your fears, it’s time to enjoy a wide range of stimulating casino games at BetMGM. Register today to enjoy live dealer casino games, online slots and sports betting. Casino games at BetMGM are always fun and entertaining, with all the perks that online gambling players of today deserve, including exclusive membership deals, secure transactions and a vast library of popular gambling games.