For me it's much deeper than just winning or losing. I usually bet to either feel more excitement and adrenaline, or treat it like a social event, to have more fun with friends. It's a game after all and games are best played in good company. The way I see it, you need to get some joy from it, otherwise you'll feel miserable after a while because when you lose there will be nothing left to hold on to. I can at least say I had fun, or I bought myself an adrenaline shot. Someone who started betting his last money so he could pay his debts is going to be devastated after a loss.
If a gambler has only one target, which is usually to win. Then, more than likely, he will be on the depression side if he couldn't achieve it. And let us admit the fact that winning is not always on our side. This is gambling and winning is usually slippery.
So if you want not to get ruined by this activity, have fun at least. Which means, you are also using your spare funds so you won't be on the chasing side of losses. Gamblers start to carry their burden when they decide to use their funds coming from their basic expenses or taking a loan from somebody else.
Lack of psychological control actually causes the whole winning and losing syndrome. Sometimes our mind get indulge in some things we try very hard to avoid which is the chase of loses and when you can't control that you can just end up losing your focus and mental health also, it can affect emotionally and in so many ways too.
Chasing losses is the common dilemma among gamblers. That is because they want to recover what had been lost especially if it is not their money in the first place. However, truth be told, it would be hard for someone to recover it if you are playing luck-based games in particular.