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The Gambler's Conceit

Ever heard of the expressions "Do not worry, I will quit while I am ahead" or "I promise, I will stop when I am ahead"? These expressions are commonly associated with an individual's behavior within the context of gambling. These expressions encapsulate the principle of the gambler's conceit.

The gambler's conceit is the erroneous belief that an individual can stop mid-through a winning a streak. What makes the belief erroneous is the gambler's actions that keep on producing the winning results is reinforced by every win.

Basic psychology will illustrate that if the action of an individual or animal is constantly or continuously rewarded, the logical conclusion is that the individual or animal will keep on repeating the same actions because it produces favorable results. Realistically, the more the gambler wins the harder it is for them to stop gambling. To say "I will quit while I am ahead" may then be considered as an expression of self-conceit hence the term gambler's conceit.

The reward of winning every time the individual gambles is not the only thing that contributes to the error or conceit of the gambler's conceit. The individual who keeps on winning will reach a state wherein they become convinced that they are on what is called a winning streak. A winning streak is a gambler's state of mind wherein they become convinced that the succession of wins is brought about by either their skill or lady luck.

Like any other "sin", conceit is its own downfall. With each and every win, the individual becomes convinced that they are invincible; that they are entitled to yet another win by virtue of either luck or skill. This leads the gambler to a conclusion opposite of the goal of the gambler's conceit which is to quit while the player is ahead in terms of winnings; the gambler now enters a state of mind wherein it does not make any sense to quit because the winnings are piling up and more winnings are forthcoming.

The gambler's conceit is a parody at best. It parodies the gambler who falls into the mistaken belief that they can quit at any time while riding the crest of a winning streak. It parodies the gambler because it will ultimately lead the gambler into a conclusion opposite that of the gambler's conceit original conviction.