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Originally Posted by Jimellow
Well, I tried this out last night and it didn't go well..
To make a long story short.. I lost the initial bonus ($10, even though the code claimed $25), and I wanted to get out.. But I was at $49.90.
You need $50 to cash out.. So basically, I spent over $14 to get back $.10.
It's a beautiful situation for the online gambling sites.. Once under $50, the only way to get your money back is to get back to $50, so you are forced to either gamble more or stop playing (and never be able to get back to $50 and cash out).
I managed to get back to $50 and cash out, but I will never be doing any online gambling again, ever.
For some it works out (my friends included), but not me. This actually turned out to be a rewarding life lesson for me, and I'm glad I did it. I will never gamble online again, and to me, that is a good decision.
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I think your initial assumption about the way things work when you play poker was mistaken. Poker is not about getting to a cashing out point. What were you planning to do once you got to $50? Take what was left over and play? In my experience, a person usually needs 30 times the big bet in order to ride out the ups and down of a poker session. Depending on the limits you play, that could be as little as 60 cents or as much as several hundred dollars. So even if you had gotten back up to 50 dollars, your limits might have necessitated you keeping that money in.
Like what TM875, it's about skill level, attitude and foresight. Poker is not a results-oriented game. Just because you get lucky with a 72 offsuit does not mean you should do it everytime. Poker is also a long term game. As long as you make the right move in a given situation, statistics will dictate that you will win in the long run. Yeah, you'll have your bad beat stories, but that's just part of playing poker. I've seen aces get destroyed by K8o and 72o flop a boat. It happens.
The main mistake I find a lot of people making is that they treat money as money while it's at the poker table. It's not. It's ammo. You need to be willing to commit the money as necessary to do what is mathematically correct. If you don't detach yourself from the money, you'll find yourself on tilt, and making bad moves.
The other question is, could you afford to lose that 50 dollars? If you couldn't, it shouldn't have been at the table in the first place.
Sorry to hear you're swearing off of online gambling.
You learned your lessons, this one was cheap. Because in the end, everyone pays for lessons, one way or another.