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put down the gaming crack pipe and walk slowly away 

as a rule, I never place more than a couple of units on a pick.

a unit for me is a c-note.  stay small, stay smart.  crouch down and make yourself smaller

Not true if you max out a credit card with cash advances just to bet offshore.

The reason I say this is because I used to do the above.  So instead of owing a crookie with no interest, I owed the credit card company with major interest. 

On the surface, however, your advice is spot on. 

From experience, if you play with fire and chase, you will eventually get burned , may I say, charred badly.  Instead, do the wise thing: 

Be completely honest with the bookie and pay him what you can up front.

Quit gambling immediately!

Pay the rest off in installments. 

Resume gambling if you choose, but have your bookie put you on a $500-1000 weekly loss limit.

 We all want the easy way out of debt, just like when it comes to losing weight.  Chasing losses is like popping weight loss pills.  You may succeed in the short run and think you got away with something.  But you will do more harm than good with these destructive behaviors, and eventually everything will come full circle and blow up in your face.

And FWIW, being down a few grand after paying your man half is not that bad.  Just learn from your mistakes and don't repeat them like I did in college.  The prolonged misery, stress and depression is not worth it.