You Only Live Once, or You Only Lose Once ??

[maverick528]

I always thought that the best way to win was making small base bets (compared to the size of your bankroll), and increasing them as needed.

But since I am always interested in maths, I am currently reading an interesting article that states that the bigger the quantity of bets you make, the bigger is the chance of losing. Because in the long run, the house edge will catch you.

In my mind making YOLO bets was a very bad choice, but it seems mathematically its a good choice 1) IF you are lucky and 2) IF when you are winning you stop betting.

And now an interesting real life history.

An english gambler, Ashley Revell, decided to do a real YOLO bet. He sold everything that he owned, including his clothes.

He travelled to Las Vegas, and for a week he tried with small bets to increase his bankroll for the big YOLO bet, but he was unlucky and lost US$1000 in that week.

So the 11th April 2004 was the day for the big bet, at the Plaza Casino in Las Vegas. A documentary called "Double or nothing" was made to document this.

Ashley took some time to decide if betting red or black. A bust meant that everything he had would be lost. Everything.

So he decided for RED, and all his US$135300 in chips were used for a betting in a single YOLO roulette spin.

The ball landed on number 7, red ofc, so he walked away with US$270600.

A real life YOLO, that had a happy ending.

BUT the opposite could also happen............

 

WHAT ABOUT YOU ???   ARE YOU WILLING TO BET EVERYTHING YOU OWN ON ONE SHOT ???

 

 

 

[Mateusz]

Ye when I started gambling I was trying many strategies hoping for the best, but actually with house edge, I'm 99% sure that ALL IN on a payout that will satisfy u is the best way.

You don't lose time, you win or you lose just like using strategy, but you will also have no fun playing

[xtinepink]

Damn that’s crazy to yolo everything, serious risk.Good for him it turned out good.

The best part is he knows when to stop.

[wilbur]

well as for me i do yolo bets like reall all in if i have continous red streak i will all in for the sake of recovering and little profit.

it's all about how lucky you are anyways

i usually yolo bet on diamond poker and keno

[akki785]

Well, I want to share something similar story of me-

Once upon a time(3 months ago), I had 20K sat balance in freebitcoin account. So, I thought why not multiply it by playing dice(the only game freebitcoin has). So, I started to play 5 sat min bets.

I played it in this strategy for 3 days and managed to multiply by balance to something 73K. Then I thought why not to take a bold move  and win big. So, here's what I did.

I put multiplier 10X and bet amount 2 sat. I got continue 27 red streaks. Then I put all balance(72K something) in the bet and decrease the multiplier 2.2X. Play the roll button and boom.. I won..

I continue this strategy to manage to won 300K sat. Then I withdraw the 250K. And with remaining 50K sat, I tried this strategy. But this time I lost everything.. LOL..

That was my YOLO story..

[OsmaNN]

you only live once but you always lose

when I am constantly losing I bet high to save everything.

[Kate]

Well you only live once is more of the one which i support and go buy for most of the time , and the you only loose once is actually not true because you can loose more than once. 

[Acetouryahey]

We only live once but lose once..hmmm. If you we lose we gain more and more courage to do so that we can win for it.. We establish self confidence that you will not be wrong or lose that you already encounter.

[Kate]

On 4/23/2019 at 3:35 PM, Acetouryahey said:

 but lose once

Nope we loose a lot many times not just once but it is better than just living once because you can then loose more not all in one go and maybe you can win a lot more. 

[Asscorn]

 Hey Mav, Excellent post.   

I also like to study math, odds and probability.   

As a long time gambler I know all to well that the more bets you make the higher the probability of losing is. More so when you use the Martingale strategy.   But.... Does that stop me from using it? No.  

Regardless of the fact that I've busted countless times playing this way, I still occasionally like to play increasing bets on a loss. 

 It's human nature to try to minimize risk while maximizing gains.  In a  gambling perspective this usually works for only a period of time.  It might be 5 mins, 5 days or 5 weeks, but it's inevitable that at some point it will stop working.   

I myself would NEVER play a Yolo wager, unless I was planning to discontinue gambling for a long time. 

 In the case of the story you mentioned, it did have a very happy ending.  Could you imagine the alternative ending?  I can only imagine that it would involve a tall building or a bullet...

Statitically your odds are much better to win a large amount with a Yolo vs many smaller bets.  However once you lose, its game over and you no longer have a chance or choice to win or lose anything.  

Gambling is all about luck and the impossible being possible.  I figure as long as your playing you have a chance to beat the odds.  The min you stop playing is the min you no longer have a chance or choice.  

Ill take the bad odds over no chance any day. 

[kayke94]

lol i wish it was true but  i lose all the time lol

[Gaffarbujji]

when I am constantly losing I bet high to save everything.

[nhoyasim101]

Bet everything i owned in a shot? ''Never Never Never'' i don't have balls to do that  :) it's just happen that luck is with him at that time, if not he will cry out loud for sure 😃

[poloalto]

this is quite interesting where there are people who are quite determined by risking all assets to gain profit. In my opinion, it's better to play with small capital to minimize losses.

[cryptjh]

Nice bet you did there, I really like the idea of just do a single bet, with a near 50% chance of winning, and then walk away whatever happens after that bet.

[ceastem]

It was explained here on somewhere in the forum.

The more bets you make, the more chances the house edge can eat you. Therefore, going all in at once, gives you a higher chance to win than rolling a thousand till you bet all your funds.

It takes loadsof guts to do what she did and i don't think i can do that in my lifetime. I know that taking risks are required to taking home something big, but I knew loads of people that did not end up the same as her soooo.... I'm happy for that winner and I hope i can still win big even if i don't bet as crazy as her. haha

[nikowin88]

Wow interesting story! I can't imagine what you feel when you do a bet with all you ever owned in stake!!! Knees shacking, hand sweating and everything. nice story. I bet there are plenty if same story that ended badly sadly... 

But for my case I'd say what you said talked to me a lot bc I'm gambling since 5 or 6 years now and as you said I always choose the safe side. Investing in gambling only what I could afford to loose ( most of time at least 😔) and betting small unit size at a time. But the consequence is : when winning it was small amounts so needed always to win more to achieve what I wanted . 

And when loosing it was small loss too so I could always think : life goes on its no big deal. I could even reload bamkroll and start over again. But if I make an addition of all those small losses at the end it's a comfortable amount. That isn't mine anymore... 

Sometimes I want to do all in with my monthly income but I've to say I never had the balls to do so. But considering what you said I guess I'm gonna think twice about that and maybe try a thing like this story. 

At least I'll do it maybe. I'll let you know how it turned out 😉

[Rantly]

what he has done is insane, and its just stupid, if he had everything why risk it all? i would never do such a thing but its intresting to listen to storys about such insane people, would you guys do this or no?