Are you a Singaporean who can't live without getting your weekly dose of TOTO, 4D or your trip to the casino? Gambling isn't just restricted to the above mentioned; poker, mahjong, horse betting and soccer betting amongst many others count, too.
Sure, gambling may give you instant gratification when you do win but there are so many more times when you've lost too. Have you known anyone who never fails to buy lottery even though this individual hasn't won anything massive trying his luck for the past 30 years or so? Here at GET.com, we'll share with you the 5 top reasons why gambling is always a bad idea, in the name of minimizing losses and regrets.
Top 5 Reasons Why Gambling Is A Bad Idea
1. The Probability Of Winning Is Embarrassingly Low
What are the odds of winning and winning big, seriously? The chances are incredibly minute in some cases, such as TOTO. Just so you know, Singapore Pools has even put it up clearly on their website telling punters that there is a 1 in 13,983,816 chance for striking Group 1 Jackpot for TOTO for each ordinary entry.
Even if you aren't adept at mathematics, this should be a sign that gambling requires massive amounts of luck, and that is something majority of us do not have at a wave of our hand no matter how much we want.
The same goes for gambling in the casino or any other form of gambling - think about the chances you stand at winning. The probability of winning is embarrassingly low. Perhaps then, you would be more inclined to think and act more rationally before blowing off your hard earned money or freshly received CPF monies via gambling.
2. Gambling Breeds Greed
The more you bet, the more you'll win. Or lose. Greed is why gamblers keep going back to gambling no matter how many times they announce "next time don't go already".
When one wins say $1,000 at the casino, this individual is likely to continue gambling because he or she may win even more. Why not, since this person is on a streak and he or she feels the need to try recouping all those that have been lost on previous occasions.
A confluence of factors tend to mar one's ability to think and act rationally when gambling is involved whether it be thrill, panic, or excitement - gambling is a vicious cycle that is hard to break once you're addicted. And even if you do gamble, always remember to not be greedy and know when to draw a line. Also, do not dabble in gambling when you cannot afford to lose.
3. You May Do Incredibly Stupid Things
It is never a good idea to spend mindlessly before even getting your prize money. As reported, this French woman thought she'd won lottery and so she went on a shopping spree, only to find out that she didn't win when her husband double-checked her ticket.
Other silly things that you may or may not do include skipping your meals because you're so engrossed in gambling, not having enough sleep or rest because you prioritize gambling, blowing off your hard earned money or CPF monies on gambling so on and so forth.
Life isn't just about gambling and winning money, really. Think about your loved ones and friends or even things that you love doing, things that keep you fulfilled and happy.
4. Gambling Can Tear Your Life Apart
True story, gambling has the power to destroy anyone's life and crush whatever little hopes they have left and drive them into dire desperation. Hardcore gamblers lose a ton of money, get into serious debt (if you're in debt, use this checklist to get out of debt), lose their houses, lose their spouses and children, get depression with some even choosing to commit suicide.
I don't gamble but here's something I want to share - one of my dad's friends is a lawyer in his 60s who used to own 3 private houses. He lost so much money at the casino he had to sell his properties off in addition to losing his wife and children. Now, he's renting a 1-room HDB flat and he's back to practicing law because he needs to earn money in order to survive. If he hadn't gotten sucked into gambling at the casino, he would have been living a very carefree retirement life at this point. Regrets can't undo things.
5. You Can Obviously Use Your Money In A Better Way
There are so many better things you can do with your cash, for example, you can save your money, you can invest it (read the 5 things newbie investors should know), buy insurance, donate it to charity, travel around the world (check our travel guides for ideas of amazing places to visit), buy that designer bag you've always wanted, send your kids to fun enrichment classes, save up for retirement, eat at fancy restaurants so on and so forth.
There are plenty of ways you can use money in a better way. Some even help you grow your money, so why not channel the money that you have into the many different things that could make you and your loved ones happy?