Posted by drmarkgriffiths
With the football World Cup kicking off later today, I thought I would use my blog to give my readers some advice on gambling responsibly over the next month. As much as I want England to win, the humid conditions will be a major disadvantage. Yesterday I published an article on why I think Brazil will win (which you can read here). Given my academic background it may come as little surprise that when I gamble, I expect to lose in the long run. However, that is not to say that I don’t have my ‘Top 10 Golden Rules’ that I apply in gambling situations. Some might say my rules are about the psychology of winning but I would prefer to describe them as the psychology of minimizing losses! In some situations, there is a very fine line between psychology and common sense and this is one of those occasions. So here goes.
(1) Never gamble without some kind of pre-set plan and amount that you are prepared and/or can afford to lose. Winning gamblers set themselves win/loss goals before they enter a betting shop or use an online betting exchange. Planning and goals are the catalyst to life success and gambling on the World Cup should be no different. Don’t use any winnings as a reason to place even more bets and never – under no circumstances – chase your losses.
(2) Don’t let the excitement – or the lack of it – of a football match detract from the pre-set plan you started with. If you are watching a World Cup game and your only wager is on who will win or lose, then don’t get carried away with the excitement of the game. When the game itself is dull, don’t get side tracked by gambling on spontaneous ‘in-play’ side bets during the game to increase the excitement. If you do like a little in-play action, give yourself the option of (say) five in-play bets (or whatever you can afford to lose) and stick to it no matter what.
(3) Remember that the excitement of gambling itself can lead to irrational thought processes. Psychological research has consistently shown that when gamblers are in the thick of their gambling ‘action’, they tend to be more irrational in how they think and make decisions. Irrationality leads to poor decision-making and pre-set plans and budgets often go out of the window. Just like alcohol, gambling can make the betting punter do things that they would never have done in the cold light of day.
(4) Do your research when using promotions. As a general rule, betting promotions are the highest money earners for the gambling establishment’s marketing department. They are designed to get you to gamble or to get you gambling in the first place or on something new. Avoid gambling with offers that seem too good to be true (because they usually are). Stick with your pre-set plan and budget and you’ll be fine. If through your research you find a good promotion that suits your betting needs, then by all means use it. Just don’t use promotions impulsively or use the first promotion that you see.
(5) Learn to think for yourself. General advice (like that contained in this article) is one thing. Winners learn to sort things out for themselves and not rely on others. They are comfortable with how they approach their betting. You should also disregard rumours. Gambling can often invoke certain urban myths, such as “your first bet after opening an Internet gambling account is always a winning one’.” Banking on such speculation while betting is a recipe for disaster.
(6) Do your own ‘research’. As with any other product that involves the exchange of money, making bets on World Cup football requires that you do the research to establish the best deals around. This is especially useful on Internet gambling sites and betting exchanges via mobile phones and tablets but can be applied to offline gambling too. Only factual information should inform your decision-making when betting.
(7) Gamble with your head and not with your heart. When it comes to gambling on the football team I support (in my case, England) I try to employ strategies that leave me feeling good whatever the outcome. That is why (from a psychological perspective) I tend to bet against England. I ask myself how much I would you be prepared to pay to see England progress in the tournament? If England get to the World Cup Final I would be more than happy to pay £100 to see them do it therefore I would happily put £100 on England’s opponents to win. My logic has always been that I win either way. If England win the game, I will be on an ecstatic high. I wouldn’t care about losing £100. If England lose the game, as at least I would have the winnings to soften the blow!
I can’t promise that these tips will help anyone win lots of money, but they will certainly help you minimize any losses!
Dr Mark Griffiths, Professor of Gambling Studies, International Gaming Research Unit, Nottingham Trent University, Nottingham, UK
Auer, M. & Griffiths, M.D. (2013). Limit setting and player choice in most intense online gamblers: An empirical study of online gambling behaviour. Journal of Gambling Studies, 29, 647-660.
Auer, M. & Griffiths, M.D. (2013). Behavioral tracking tools, regulation and corporate social responsibility in online gambling. Gaming Law Review and Economics, 17, 579-583.
Auer, M. & Griffiths, M.D. (2014). Personalised feedback in the promotion of responsible gambling: A brief overviewResponsible Gambling Review, 1, 27-36.
Griffiths, M.D. (2005). Does advertising of gambling increase gambling addiction? International Journal of Mental Health and Addiction, 3(2), 15-25.
Griffiths, M.D. (2006). The psychology of gambling: The best laid plans. Inside Edge: The Gambling Magazine, January (Issue 22), p. 72.
Griffiths, M.D. (2007). Brand psychology: Social acceptability and familiarity that breeds trust and loyalty.Casino and Gaming International, 3(3), 69-72.
Griffiths, M.D. (2010). Online ads and the promotion of responsible gambling. World Online Gambling Law Report, 9(6), 14.
Griffiths, M.D. (2012). Internet gambling, player protection and social responsibility. In R. Williams, R. Wood & J. Parke (Ed.), Routledge Handbook of Internet Gambling (pp.227-249). London: Routledge.
Griffiths, M.D. (2012).Self-exclusion services for online gamblers: Are they about responsible gambling or problem gambling?World Online Gambling Law Report, 11(6), 9-10.
Griffiths, M.D. & Wood, R.T.A. (2008). Responsible gaming and best practice: How can academics help? Casino and Gaming International, 4(1), 107-112.
Griffiths, M.D. & Wood, R.T.A. (2009). Centralised gaming models and social responsibility. Casino and Gaming International., 5(2), 65-69.
Griffiths, M.D., Wood, R.T.A. & Parke, J. (2009). Social responsibility tools in online gambling: A survey of attitudes and behaviour among Internet gamblers. CyberPsychology and Behavior, 12, 413-421.
Griffiths, M.D., Wood, R.T.A., Parke, J. & Parke, A. (2007). Gaming research and best practice: Gaming industry, social responsibility and academia. Casino and Gaming International, 3(3), 97-103.
Smeaton, M. & Griffiths, M.D. (2004). Internet gambling and social responsibility: An exploratory study, CyberPsychology and Behavior, 7, 49-57.
Wood, R.T.A., Shorter, G.W. & Griffiths, M.D. (2014). Rating the suitability of responsible gambling features for specific game types: A resource for optimizing responsible gambling strategy. International Journal of Mental Health and Addiction, 12, 94–112.
Tags: Betting promotions, Betting shop, Betting tips, Cognitive biases in gambling, Gambling, Gambling irrationally, Gambling promotions, Gambling psychology, Gambling tips, In-play gambling, Internet gambling, Responsible betting, Responsible gambling, World Cup betting, World Cup gambling