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The gambler believes they will be a net winner at the game, and thus able to avoid going broke by exerting the self-control necessary to stop playing while still ahead in winnings. Quitting while ahead is unlikely, though, since a gambler who is winning has little incentive to quit, and is instead encouraged to continue to gamble by their winning.
Once in the throes of a winning streak, the individual may even become convinced that it is their skill, rather than chance, causing their winnings, or good luck is on their side, and thus it seems especially senseless to stop. The gambler's conceit frequently works in conjunction with the gambler's fallacy : the mistaken idea that a losing streak in a game of chance, such as roulette, has to come to an end because the frequency of one event has an effect on a following independent event.
Therefore, players think that it is necessary to continue playing while winning and necessary to continue playing while losing. Relatedly, gambler's ruin shows that a player with finite resources continuously playing will inevitably go broke against a player with infinite resources in a fair or negative-expectation game. However, this is also true in a positive-expectation game if the player with finite resources continually plays and increases his stakes when winning, but does not reduce them when losing.
As casinos have a house advantage in games of chance, a casino is more likely over time to take a player's money than a player is to win money from the casino, and thus it is to the casino's advantage to keep a winning player playing. Casinos thus frequently encourage winning players to continue playing. An example can be seen in the Martin Scorsese movie Casino in which Robert De Niro 's character ensures that a high-stakes gambler continues to gamble to ensure that the money returns to the casino. On a smaller scale, casinos offer players free alcoholic drinks to encourage them to keep gambling.
From Wikipedia, the free encyclopedia. This article does not cite any sources. They start playing cards just to kill time.
Later, they start staking the game with coins out of their pocket money. Chance gains tempt them to carry on this vice of gambling. Those who lose continue gambling in the hope of making up their losses. They take risk and make bigger stakes.
The curse of gambling and what can be done
So this dangerous game goes on. They get into the habit of gambling. With the passage of time, this habit goes on hardening and the casual gamblers become notorious gamblers. Gambling is a harmful in every way. Those who wing at gambling are tempted to make larger stakes. In this way they lose the money that has gained in the earlier stakes. Nobody gains at gambling. Those who lose at gambling are real losers and are ruined. Even a gainer is a loser in the long run at gambling.
It is such a ruinous game. History is full of such instances which prove that gambling led to the ruin of great kings and emperors. It led to fierce wars that brought about destruction, miseries and sufferings to many people. The habit of gambling among the Kauravas and Pandavas led to the Mahabharata war which brought about death and destruction to millions of people.
Kauravas invited Pandavas for a game of dice. Yudhishtra played for the Pandavas and Duryodhana played for the Kauravas. Yudhishtra lost his kingdom and everything to Kauravas. They he staked all his brothers on by one and lost them.
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Next he staked himself and lost. Then he staked his wife Draupadi and lost her to Duryodhana in gambling. How shameful it was!
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Duryodhana called Draupadi to the open court and tried to disgrace her in the presence of his courtiers. It was Lord Krishna who came to the rescue of the helpless lady and saved her honor. Later on the Pandavas were exiled for a period of thirteen years. They were denied their share of the kingdom even after the long period of exile.
This led to the war of Mahabharata which was fought at Kurukshetra. The bloody war was fought for eighteen days. Many brave warriors fell fighting in the battlefield. There was a lot of death and destruction. Pandavas came out victorious. Gambling was the root cause of this great destruction. Nala was a brave intelligent king. He was very handsome and young. He had a beautiful queen named Damayanti.
He had a vast empire, but he had the bad habit of gambling. He lost his empire and everything else in gambling. He had to wander homelessly in jungles along with his beautiful queen. Not only this the king Nala in his utter disappointed left his queen Damayanti sleeping alone in the forest and went his way.
She suffered all the troubles only because of the bad habit of gambling of her husband. Some people gamble on Diwali night. They attach some religious sanctity to this evil practice.
The Curse of Gambling
On the morning following the Diwali night we find many families ruined due to gambling. Do not mislead by them. Lakshmi- the goddess of wealth does not bless a gambler. It showers its blessings on hard honest workers. Gambling cannot lead anybody to prosperity.