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Gambling has been around for thousands of years, but not everyone who opts to risk their money or wager has been smart to do so. Often, people make some rather silly or unwise bets, which costs them more money than they may have been able to afford.

That doesn’t mean you have to make the same mistakes as them. There is some good wisdom out there about gambling, and here are seven quotes you should pay attention to before you place that wager.

“Quit while you’re ahead. All the best gamblers do.”

This is the most obvious of them all and actually came from a Spanish Jesuit priest, BaltasarGracián y Morales. He lived in the 1600s and was both a writer and philosopher. You have probably heard these words of wisdom before, but not enough people put them into practice.

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“I want people to understand, gambling is not a bad thing if you do it within the framework of what it’s meant to be, which is fun and entertaining.”

That this quote comes from the greatest basketball player of all time, Michael Jordan, should tell you something. While he lost millions of dollars gambling himself, it is important to realize that he was in a position to do so. This is a billion-dollar man, so he could afford it. Despite his losses, these are still words of wisdom.

The truth is that very few should look at gambling as a career opportunity. This is meant to be fun and entertaining, so if you are using gambling as a means to pay the electric bill or house payment, you may need to find real work. Keep this fun and your life will be a lot more enjoyable.

“Look around the table. If you don’t see a sucker, get up, because you are the sucker.”

There may not be wiser words ever said. This is definitely a phrase that can go far beyond gambling. If you are not seeing anyone who looks like the patsy or the easy mark, that means you are likely that person. You definitely don’t want to be involved in a game where the deck is already stacked against you before you even sit down.

“A gambler never makes the same mistake twice. It’s usually three or more times.”

This is an extremely unfortunate truth. Gamblers are given that title for good reason. They take risks, oftentimes making the same foolish bet over and over again. How many times have you known someone that bet on a team because they were “due” or because their heart and not their brain told them to choose one team over another?

Don’t get caught making the same mistakes over and over again. As Einstein said, that’s the very definition of insanity.

“Hoping to recoup is what ruins the gambler.”

This quote is very much akin to an old Irish proverb that says, “never chase your losses.” Understand that you are going to lose at times. Maybe even many times. Be okay with that. If you are constantly playing looking to make up what you have lost, you will find yourself getting deeper and deeper into the hole.

It is also important to assume things will not turn for you. Like believing that a football team is “due” for a victory after losing nine straight, don’t believe that if you have pulled the arm on the slot machine 14 straight times, coming up a loser each time, that things will suddenly change.

“In gambling, the many must lose in order that the few may win.”

There is a reason that casinos and sportsbooks are a multibillion-dollar industry for those establishments. They win. They went a lot. That means a lot of people lose for them to be so successful. It is not often that there are big winners against the house.

“Remember this: The house doesn’t beat the player. It just gives him an opportunity to beat himself.”

This is another piece of wisdom related to the previous quote. It comes from Nick the Greek, a professional gambler and a high rolling poker player. The reality is that the casino or sportsbook has set odds to give themselves the best advantage in beating you. They are just hoping you are determined enough to beat those odds that you will play until you win. Don’t beat yourself, especially if you can’t afford to do so.

These are some important pieces of wisdom to keep in mind whenever you are placing a bet. They will help you to stay a lot happier and probably a lot richer.

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