The Seven Characteristics of the Successful Gambler

First things first – what exactly is a ‘successful’ gambler? Someone who breaks even by avoiding heavy losses? Someone who makes a steady profit through online sports betting? Maybe someone who loses more often than not, but has one hell of a time anyway?

Ultimately, it’s up to you to decide what defines ‘success’ in gambling stakes. Just as long as you enjoy yourself and don’t lose money you can’t afford to, you’re technically onto a winner.

But here’s the thing – the characteristics of the successful gambler remain constant throughout. Whatever your priorities and motivations for gambling, there are certain qualities that will help you along the way. Particularly if you take your gambling seriously, you won’t get far without them.

So whether you’re into virtual slots, poker or online sports betting, here are the seven most important characteristics of the successful gambler:

  1. Willingness to commit
    Right off the bat, successful gamblers don’t randomly ‘flit’ from one game/sport to the next on a regular basis. Instead, they stick with no more than a handful of games or betting markets they know and understand. The deeper your understanding of any given betting market, the more likely you are to make the right decisions.

At the opposite end of the scale, it’s not so easy. Trying your luck with a random sport or event you have no idea about isn’t wise. There’s nothing wrong with spicing things up with a little variety here and there. Nevertheless, almost every successful gambler demonstrates strong and consistent commitment to their chosen markets and activities. If online sports betting is your thing, stick with it.

  1. Logical thinking
    The vast majority of gamblers worldwide have their own unique superstitions. Even if it’s something as simple as carrying a lucky charm, superstition is part and parcel of the game. Nevertheless, it’s those who understand the importance of logical thinking who stand to get ahead. Ultimately, every gambling activity is a simple case of mathematics, statistics, probability and so on. Or with online sports betting, the research you carry out.

All the lucky charms and superstitions in the world cannot and will not impact the outcome. Nor is it possible to predict the future with an accuracy rate of 100%. While it may take some of the magic and mystery out of the whole thing, a purely logical and scientific approach to gambling is the way to go. At least, if you’d prefer to base your decisions on facts, rather than hocus-pocus.

  1. Good organisational skills
    If you intend to turn your gambling activities into a money-making venture, you need to treat it as you would any other business. This in turn demands good organisation and administrative skills. Experts always advise keeping a detailed journal of your gambling activities. A record that includes complete information of your wins and losses.

Over time, you’ll build an incredibly helpful journal to help guide your future gambling activities. Not to mention, an important document for income and tax-declaration purposes. Activities like online sports betting shouldn’t typically be seen as money-making ventures. But if you’re serious about going pro, you need to take things seriously.

  1. Accountancy and finance skills
    Keeping a record of your profits and losses is one thing. Establishing a realistic budget is something else entirely. Do you have all the money in the world to throw away on a whim? If not, you’ll need to think carefully about how much you can realistically afford to lose. Successful gamblers know how to allocate the right amount of cash to their activities on a weekly, monthly or annual basis.

They also know how to stick to this budget, irrespective of how quickly they lose their entire allocation. If you can afford to lose no more than £200 this month and do so on a single bet, tough luck. You’ll have to wait until next month to try your luck again.

  1. An analytical mind
    Every casino game and gambling activity incorporates a house edge. Sadly, there’s very little you can do about it. If there was no house edge, the house wouldn’t be able to make a profit. Ultimately, the entire gambling industry would be rendered obsolete. But this doesn’t mean there isn’t much you can do to ensure that the house edge is as minimal as possible. From online sports betting to blackjack to poker, it’s all about careful analysis of the situation and effective strategy development.

You’ll be presented with a ton of invaluable information before and during play, which can and should be used to guide the decisions you make. The alternative being to simply make things up as you go along, which doesn’t qualify as savvy or successful gambling.

  1. Patience
    You cannot realistically expect to win every time. In fact, it’s important to accept that if you win more than 50% of the time, you’re doing far better than most. This is where patience comes into the equation, which is a must for the successful gambler.

Even if you find yourself on a losing streak that seems relentless, it’s up to you to ride it out and accept it for what it is. Not to such an extent that you make the mistake of chasing losses. Instead, a case of demonstrating patience and accepting it’s largely out of your hands.

  1. The ability to accept a loss
    Last but not least, walking away from a heavy loss is difficult at the best of times. But it’s almost impossible when you’ve just suffered a massive loss on what should have been a sure thing. In any case, being able to accept losses and walk away (without losing your head) is a cornerstone of successful gambling.

Chasing losses is and always will be the worst thing you can do. It may mean swallowing your pride and taking a break from gambling in general. Whatever it takes, you need to know when to walk away and accept your lot for what it is. Losing is all part and parcel of the experience – one that cannot be avoided and must therefore be accepted.

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