Psychology of a High Roller

Defining a High Roller

Firstly, let’s assess exactly what is meant by a high roller in gambling terms. These individuals are those who spent a lot of their money gambling online, with the amount sometimes being dizzyingly high.

A common saying in the world of betting online is that “the house always wins”.

For a high roller, this is not necessarily the case. Indeed, history is littered with examples of high-profile individuals who have been able to make huge amounts of money from betting.

Some gambling sites have been set up to serve these high rollers specifically. A range of high stakes casinos are available to join, promising top-level customer service and great bonuses.

High roller psychology involves assessing how exactly such sites try to attract – and keep – users.

Casinos and Betting Sites Target Addicts, Not High Rollers

One obvious thing to point out about online gambling operators is the fact they do not actually want high rollers to play on their sites, as they win too much money. Operators are more focused on addicts.

Casino games such as slots are carefully designed to be as addictive as possible. The flashing lights, sound effects and game design are constructed to provide a dopamine hit which players will chase.

High stakes gambling behaviour often revolves around the subject of addiction.

According to the American Gaming Association, some 90% of gamblers practise responsible gaming. But that leaves a significant number who are suffering from some level of addiction to gambling.

Operators push players towards playing and spending more by giving out a raft of bonuses, from free spins and deposit boosts to free bets and cashback, returning a proportion of their losses in the hope that they will add more funds to their account – and lose that as well.

Naturally, gambling also provides a high, with the thrill of potentially winning a significant amount of money keeping players playing.

The American Psychiatric Association has produced the Diagnostic and Statistical Manual of Mental Disorders-IV (DSM-IV), which is its official guide to psychological disorders. In the DSM-IV, it says that there are 10 warning signs of compulsive gambling, which players should make themselves aware of.

For high rollers, there remains a risk of developing an addiction to gambling. But while they might spend large amounts of money on casino games and sports betting, most high rollers are not actually addicts.

High Rollers and Risk Tolerance

One of the things that marks out high rollers from regular gamblers is their risk tolerance levels. A high roller is normally a lot more willing to take risks with their bets compared to the average gambler.

While most people will get a rush of adrenaline when they make a major bet, this is not necessarily the case for high rollers. They are able to remain calm and keep a cool head, which can be vital.

Although some people respond to a beaten bet by chasing their losses in a bid to recapture their losses, high rollers are more capable of shaking off a loss and moving on to the next bet.

After all, high rollers have a bigger bankroll to play with, so a losing bet or two does not hurt them much.

Gambling is known for its ups and down, so maintaining risk tolerance is often very challenging.

But for high rollers, this is one of the ways that they can ensure they will stand out from the crowd.

An Analysis of Cognitive Processes in Making Large-scale Gambling Decisions

When a high roller is making their gambling decisions, what cognitive processes are involved?

Studies have found problem gamblers often overestimated their chances of winning a bet. But high rollers are able to more accurately predict results, perhaps due to using more data and statistics.

Many high rollers have a process they follow in order to find the best value for their sports bets.

This helps to line up a better chance of winning a bet, with the process never changing no matter whether they are on a winning or losing run.

Remaining calm and in control of emotions is crucial for high stakes gambling behaviour as well.

A Real-life Example of a Top High Roller

One high roller found it was not enough to beat the gambling industry – he wanted to be a part of it.

Tony Bloom is a former professional poker player who is now the owner of Premier League football team Brighton and Hove Albion.

While Bloom’s net worth is shrouded in mystery, most experts believe he is worth billions of pounds, with his riches largely being built on the back of the gambling sector.

Bloom made his first fortune at the poker table, but then moved into the sports betting world.

The high roller went on to set up a company called Starlizard, which calculates sports betting odds and places wagers on behalf of high rollers all over the world. Bloom – who has also had financial success via property investments and a portfolio of private equity – has invested over £200 million into Brighton.

He rarely gives interviews but previously told the media that he would play on fruit machines in an arcade as a child, so his involvement in the gambling industry began at a very young age.

The Englishman also started betting on sport as a teenager, describing his early dalliances as being “a hopeless gambler”. There were few signs back then that Bloom would become a high roller and an example many hoped to follow.

Bloom graduated from the University of Manchester, where he continued to gamble on sports, then took a job at the accountancy firm Ernst & Young before getting work in options trading.

A short time later, he decided to give up his career for professional gambling and he was on the path to being a high roller.

It was not a straight path to success. Bloom once lost £5,000 on a single bet in 1994, on an England v West Indies cricket match, but he was soon headhunted to work for Victor Chandler, a top bookmaker.

The 1998 World Cup made Bloom’s reputation for outstanding high roller decision making. He persuaded his bosses that France were undervalued and they went on to beat Brazil in the final on home soil, earning Victor Chandler a massive amount of money as a result.

From there, Bloom’s career as a high roller saw him set up his own online bookmaker – Premier Bet – which focused strongly on the Asian handicap markets that are popular in the Far East.

An unusual high roller, Bloom’s Starlizard company is now the vehicle by which he makes his bets.

How High Rollers Leave Their Ego at the Door

While some degree of confidence in gambling ability is necessary to be a high roller, ego should not come into it. Poker is an interesting area of the gambling world to look at in this department.

Poker players often have a substantial ego, but they have to be able to keep it in close check. As the game has professionalised in recent times, a more data-driven approach has become more common at the table.

Those who rely heavily on their ego carrying them through, by bluffing a lot, have been left behind.
Being a high roller can be something of a status symbol, but some individuals – like Bloom – have shown they can have huge success in gambling without needing to embrace the limelight.

While Bloom is a billionaire who has made huge fortunes from gambling as a high roller, many people have not heard of him – and that is just the way he likes it.

Perhaps other high rollers should take a leaf out of Bloom’s psychological playbook – and succeed.