Overconfidence and High Stakes Gambling

High stakes gamblers are likely to be confident souls who are aware of the risks involved with wagering large sums of money but who shrug it off because they know that their wealth and financial means will enable them to absorb such losses without much pain or hardship. If it would cause them financial difficulties, they should not be playing for such high stakes. (Related Page: Is High Stakes Gambling Right for Me?)

Overconfidence and Bravado Can Lead to Heavy Losses

However one of the factors that has led to the downfall of many a high stakes casino gambler is that of overconfidence, particularly if they have won big in the past and have an overwhelming belief that they are destined to do it again. This can be further enhanced when the game they are playing involves an element of skill such as blackjack rather than one which relies purely on luck like the outcome of a roulette wheel spin. They will believe that their skill is the primary reason for them being successful and winning a large amount of cash, and then become overconfident in their abilities and the amount of influence that their playing strategy actually has on the outcome.

Similarly a desire to show off in front of other players can also result in a high stakes player losing a lot of money to the casino. Whilst this is more of an issue in a bricks-and-mortar, land-based casino where other people are physically around the table and can see everything that is happening, in a live dealer game such as live dealer blackjack the other players at the table can still see how much that person is wagering on each hand. The player may have an urge to be the one who bets the most out of everyone at the table, or be reluctant to reduce their wager out of embarrassment or to "keep face" when they have had a bad sequence of results which has absolutely hammered their bankroll balance. Alternatively if they have a favourable run of results they may be so confident that the streak will continue that they wager more and more until the amounts become so high that they go above and beyond the personal tolerances for what the player is comfortable to lose in a single hand. This undisciplined play has been the cause of many players either losing money outright, or winning a large amount and then giving it back to the casino.