Topic: Loss Aversion: A Critical Factor for Responsible Gambling. (Read 1412 times)
Naturally any gambler will want to avert the emotional feelings that comes with loses, they'll want to get over it ASAP for their peace of mind. Loses are a normal thing in gambling and if a gambler doesn't build that defense mechanism to subdue their loses, it can affect them negatively. This risk absorber for loses is the major reason why many gamblers goes back to gambling after they lose but gamblers should have a control over their risk absorbing so that it won't lead them to addiction. Total control is essential for every gambler so that they will know when to stop and quit for the day without being overconfident to continue because they have the ability to do so.
It's okay to lose, as much as it's more convenient to win.
Well said, everyone wants to win at the casino but then the casino would be bankrupt and that obviously does not happen. It is because people cannot understand the odds of winning to losing in any game as much as the owners do.Quote
But if you can control your losses by instilling discipline within yourself and just bet on the amount you are comfortable of losing, then you won't see inevitable losses with gambling but only minimal ones.
Keeping a limit on how much you spend and how often you play is important. We dont see gamblers who make jackpots everyday they are once a blue moon and thus assume every game to be a loss and dont chase the money that you have lost but work hard to earn that money. Eventually the gambler would understand what they are wasting and stop playing. 
It is clear that sometimes we all lose more money in gambling than we would like, but to curb their compulsive desires that can lead to large losses or even mental illness, you need to work hard on yourself.
If you fail to use the deposit limits try again and again and you will notice that one day you just stop after losing the money allocated for gambling.
Otherwise, you will not obey yourself, but gambling.
If you fail to use the deposit limits try again and again and you will notice that one day you just stop after losing the money allocated for gambling.
Otherwise, you will not obey yourself, but gambling.
You may lose many games in gambling or lose a lot of bets, because that is not in your control. However, you cannot lose your money if you have a risk management plan. With a plan, you already know what is the maximum money you can lose and your gambling portfolio will never end or be in down for long, because you do not risk more in each game.
Gamblers always complain that the gambling results are not in their control. I always mention that you only need to manage your risk per game and there is no way you can be in a loss. You will win games and lose games but if you put 1-2% of your portfolio in each game, it will be impossible that you lose all your money.
It's okay to lose, as much as it's more convenient to win. But if you can control your losses by instilling discipline within yourself and just bet on the amount you are comfortable of losing, then you won't see inevitable losses with gambling but only minimal ones.
Loss aversion can go two ways, it's either you avert the losses by quitting gambling totally or by trying to chase your losses constantly.
First of all gambling is something that you can either win or lose, so you shouldn't be scared of losing, losses cannot be averted as long as you are constantly involved in gambling, a lot of gamblers chase their losses to the point where they can't even afford basic things for themselves because they end up losing everything they have. Losses shouldn't be avoided but it should be controlled by gambling responsibly.
Stopping gambling will be a factor that can makes you responsible gambling because you don't see that you have a big chance to recover your losses or win the money. You only see that can make you lose too big while you will not win easily. If you just follow your mind without thinking about what can happen to you, you will get more losses because you want to recover your losses. We have already seen that many gamblers doesn't listen the suggestion and only follow their ego and want to win the money. Loss aversion is a must in gambling so you can gamble responsibly and will not lose too much money. First of all gambling is something that you can either win or lose, so you shouldn't be scared of losing, losses cannot be averted as long as you are constantly involved in gambling, a lot of gamblers chase their losses to the point where they can't even afford basic things for themselves because they end up losing everything they have. Losses shouldn't be avoided but it should be controlled by gambling responsibly.
Gambling isn't bad as long you do really know on what you are doing, everything will really be just depending on someone's views and control on things. You wont really be that get addicted if you do have that control because this is usually the issue when people are really that aiming for money and not for the fun they are really seeking on. We do know that it could potentially make huge profits if you are lucky but we know that luck isn't something that we could know on when it would happen to us. Losses are really that just normal and it will really be that recommended that you shouldnt really make yourself being too emotional and just simply move on, but of course everything should have limitation. Gambling isn't bad as long it won't really be excessive because everything's too much doesn't really give positive results but rather the opposite. People do only mind off when the time that they are already experiencing issues or hard conditions and not on doing it earlier which this is the usual case.
Cmon let’s tell ourselves the truth just this once, you really don’t need to be an addict before gambling can mess up your plans, responsible gambler or not, there’ll definitely come a time when your gambling can spiral out of control and you end up losing more than you planned, this happens to every gambler who gambles more often, and this isn’t just about gambling addict or responsible gamblers, rich or poor, cos regardless of your status or position, you’re not immune to this situation, there’ll surely come that one time that you lose control and have your plan messed up, it happens to me sometimes but that doesn’t mean I’m an addict, it only proves we are humans and we can end up making certain mistakes sometimes, regardless of how perfect we are in doing that particular thing, and gambling isn’t an exception. 
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WExactly the fact, the management of most casinos have been in the business for a very long time, and have learned how most gamblers think, this knowledge is what they use in running their casinos, ensuring that they use every tactic available at their disposal to keep as many of their users engaged, which ensures their profit is always on the rise regardless of how many of their users are winning and how much they are winning.
In my locality, there's a Bet9ja shop that stays up till 2am, and it's on a busy road. The owner went an extra mile to get workers who are willing to stay that far into the night and pays them for the overtime. Of course, if he isn't making extra cash from it he wouldn't be running that shift. That his bet shop stays up that late doesn't mean those who are averse to night crawling should stay up to patronize him. It's a choice they ought to make. Making choice cuts across various offers we get on casinos too.
It is true that exceeding the limits we have set to ourselves will happen to almost every gambler out there, but it is also true that this could be the first step towards an addiction, and since that is the case, it is important to not minimize its importance, as if this keeps happening to a gambler with some frequency, then it may come to a point in which before they even realize what is happening, they have become addicted, and escaping from that hell is incredibly difficult.
Yes, I’ll agree with you on that one, the act of repeatedly exceeding one’s gambling limits and budgets could potentially lead to gambling addiction if not managed properly. When this happens once in a while, it could be seen as normal but hey, when it starts happening Everytime one gambles, then it ceases from being normal as we could look at it to have practically become a routine and this of course could potentially be the fastest route to gambling addiction, so when we start noticing this more often, it becomes a cue that we should take a chill pill and retrace out steps backwards before we eventually enter into a point where we can no longer control ourselves. 
Loss aversion is a cognitive bias in humans that shows that we tend to avoid losses more than we desire profits (twice as much). We avoid the confrontation of feeling that comes with loss, therefore taking more risk to chase losses.
I guess it really depends on someone's personality. Loss aversion must be more common among insecure people, while it must not be present among people who display excess of self-confidence. Both are extremes, but belong to opposite spectrums.At same time it may look good that insecure people are less likely to develop an addiction like that at first impression, it's not at all, because it means they are going to face another difficulties in their lives, like for an example, making choices by themselves and making people around feeling secure with them.
The key is to find balance between both. The fear or losing can't be more intense than the motivation to conquer, neither the impulsivity or irresponsability should overcome everything else.
As a consistent gambler, don't always fail to remember that you're set to lose by default. Although you may be open to more opportunities than someone who plays and then loses interest when a single ticket goes bad.. "The more you look, the less it appears that you're gonna win". These are a few ways to fall into that trap.
You see, what this means is that it's imperative for you to lose, but it's totally a different game to know when it is that you gotta opt-out. The later doesn't work without the former, but placing them both on a pedestal would mean solving atleast 85% of the dramas and untimely jeopardy.
Again, in gambling, you'd always WIN or LOSE - eitherway, never get convinced/deceived trying to maneuver when you know too well the time is right to quit. You won $80,000,000 and the time is right? Quit without looking back. You've lost a wholesome already? Quit!
You see, what this means is that it's imperative for you to lose, but it's totally a different game to know when it is that you gotta opt-out. The later doesn't work without the former, but placing them both on a pedestal would mean solving atleast 85% of the dramas and untimely jeopardy.
Again, in gambling, you'd always WIN or LOSE - eitherway, never get convinced/deceived trying to maneuver when you know too well the time is right to quit. You won $80,000,000 and the time is right? Quit without looking back. You've lost a wholesome already? Quit!
It is true that exceeding the limits we have set to ourselves will happen to almost every gambler out there, but it is also true that this could be the first step towards an addiction, and since that is the case, it is important to not minimize its importance, as if this keeps happening to a gambler with some frequency, then it may come to a point in which before they even realize what is happening, they have become addicted, and escaping from that hell is incredibly difficult.
Yes, I’ll agree with you on that one, the act of repeatedly exceeding one’s gambling limits and budgets could potentially lead to gambling addiction if not managed properly. When this happens once in a while, it could be seen as normal but hey, when it starts happening Everytime one gambles, then it ceases from being normal as we could look at it to have practically become a routine and this of course could potentially be the fastest route to gambling addiction, so when we start noticing this more often, it becomes a cue that we should take a chill pill and retrace out steps backwards before we eventually enter into a point where we can no longer control ourselves. 
Loss aversion can go two ways, it's either you avert the losses by quitting gambling totally or by trying to chase your losses constantly.
First of all gambling is something that you can either win or lose, so you shouldn't be scared of losing, losses cannot be averted as long as you are constantly involved in gambling, a lot of gamblers chase their losses to the point where they can't even afford basic things for themselves because they end up losing everything they have. Losses shouldn't be avoided but it should be controlled by gambling responsibly.
First of all gambling is something that you can either win or lose, so you shouldn't be scared of losing, losses cannot be averted as long as you are constantly involved in gambling, a lot of gamblers chase their losses to the point where they can't even afford basic things for themselves because they end up losing everything they have. Losses shouldn't be avoided but it should be controlled by gambling responsibly.
The best thing to do is come to terms with reality and probably find ways to limit your addiction or if possible quit totally instead of trying to avert your losses by gambling more. 90 percent of gamblers that experience major losses go through that because they chase what they have lost. Trying to do this can only expose you to more risks of the game. Chasing losses comes with a lot of emotional disability and when it comes to gambling this state of mind can make you do irrational things or make terrible mistakes. Losses can't be averted, they can only be reduced.
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It is not that they cannot give you more, but they will deliberately do this because they want you to play with that amount and take bigger risks.
That's what impulsive gambling can cause or lack of self discipline for those who fall for such baits. Experienced gamblers should know when to stop playing or how to dodge such baits. No matter what enticing offer(s) they've put before them.Exactly the fact, the management of most casinos have been in the business for a very long time, and have learned how most gamblers think, this knowledge is what they use in running their casinos, ensuring that they use every tactic available at their disposal to keep as many of their users engaged, which ensures their profit is always on the rise regardless of how many of their users are winning and how much they are winning.
Gamblers must learn not to fall into or for such tactics, always ensuring that their every gambling decisions they make is their personal decisions and not influenced by the casino they are playing on.
This is one of the reasons I don't give attention to bonuses, specially the ones that often come with a wager requirement.
This is one tactics most casinos use to get gamblers hooked, playing to meet a wager requirement before it expires, gambling even when it's not convenient, this is how many end up loosing money they never planned or expected to loose.
You may lose many games in gambling or lose a lot of bets, because that is not in your control. However, you cannot lose your money if you have a risk management plan. With a plan, you already know what is the maximum money you can lose and your gambling portfolio will never end or be in down for long, because you do not risk more in each game.
What you've just said doesn't make sense.
First you say that you cannot lose if you have a management plan, then you say you one needs a plan to know the maximum money he can lose. These two sentences contradict one another. You can't lose, yet you need to know how much you can lose.
Then you say your gambling portfolio will never be down for long. So it can be down? You said I can't lose with a plan!
How can my portfolio not be down for long? What if I lose the maximum and stop and then come back another day and lose again? My portfolio was down and now it's down more
It is not that they cannot give you more, but they will deliberately do this because they want you to play with that amount and take bigger risks.
That's what impulsive gambling can cause or lack of self discipline for those who fall for such baits. Experienced gamblers should know when to stop playing or how to dodge such baits. No matter what enticing offer(s) they've put before them. 
It is clear that sometimes we all lose more money in gambling than we would like, but to curb their compulsive desires that can lead to large losses or even mental illness, you need to work hard on yourself.
If you fail to use the deposit limits try again and again and you will notice that one day you just stop after losing the money allocated for gambling.
Otherwise, you will not obey yourself, but gambling.
If you fail to use the deposit limits try again and again and you will notice that one day you just stop after losing the money allocated for gambling.
Otherwise, you will not obey yourself, but gambling.
You may lose many games in gambling or lose a lot of bets, because that is not in your control. However, you cannot lose your money if you have a risk management plan. With a plan, you already know what is the maximum money you can lose and your gambling portfolio will never end or be in down for long, because you do not risk more in each game.
Gamblers always complain that the gambling results are not in their control. I always mention that you only need to manage your risk per game and there is no way you can be in a loss. You will win games and lose games but if you put 1-2% of your portfolio in each game, it will be impossible that you lose all your money.
Moreover, a gambler should not complain just because they experience defeat because after all the results in the game can never be controlled, and that is the reason why gambling is called a game that cannot be predicted.
It is clear that sometimes we all lose more money in gambling than we would like, but to curb their compulsive desires that can lead to large losses or even mental illness, you need to work hard on yourself.
If you fail to use the deposit limits try again and again and you will notice that one day you just stop after losing the money allocated for gambling.
Otherwise, you will not obey yourself, but gambling.
If you fail to use the deposit limits try again and again and you will notice that one day you just stop after losing the money allocated for gambling.
Otherwise, you will not obey yourself, but gambling.
You may lose many games in gambling or lose a lot of bets, because that is not in your control. However, you cannot lose your money if you have a risk management plan. With a plan, you already know what is the maximum money you can lose and your gambling portfolio will never end or be in down for long, because you do not risk more in each game.
Gamblers always complain that the gambling results are not in their control. I always mention that you only need to manage your risk per game and there is no way you can be in a loss. You will win games and lose games but if you put 1-2% of your portfolio in each game, it will be impossible that you lose all your money.
If everyone can control themselves, then there will be no one who is addicted to gambling even to play, because basically it is playing to lose, then why do people play? a small number of people play just to entertain themselves but most people will play to seek profit, that's why many people get trapped
Self control is the major weapon every gambler needs to fight gambling addiction or other gambling related problems. Deciding to gamble for fun does not in any way guarantee that the gambler will not get addicted or lose alot of money, I have seen cases where gamblers who are not really full time gamblers suddenly get into trouble after just one time of enjoying the game uncontrollably. The inability of a gambler to stick to his gambling plan or goals is the major reason gamblers keep getting into trouble and I don't think this problem is not going to get solved anytime soon as long as there is a financial reward there which serves as a motivation to gamblers. The desire to win will always be there to trigger more impulsive decisions.
Setting a budget and limit is really important to reduce how much can be spent on gambling. Why we enjoy that entertainment and fun it's meant for, but in some cases it's easier said than done. Some people have a limited set, which is supposed to be followed but can't remember when last they followed that pattern. There is always that thing in them that they can't control that always makes them break their daily limit until they have lost what they can. No longer, the refunding keeps on going until they are called upon.
You’re absolutely right!Sticking to those gambling budgets and limits is always where the problem is, and I think that every gambler is guilty of this, I can remember just how many times I’ve exceeded my weekly gambling limits, but I’ve come to also realize that this doesn’t mean that the gambler is addicted, because even responsible gamblers do this at least once in a while, that’s just part of gambling, but what’s important is that, even if it gets to the point where a gambler will exceed his budget, he should always remember to be conscious so as not to end up putting in money that’s meant for something else because that’s when it gets really ugly, even when you exceed your budget, you should still at least have some level of self control to know when to stop and call it a quit.
Setting a budget is indispensable, especially when it comes to an activity like gambling which can easily put a massive dent in our savings if we are not careful, since even if I find gambling to be an entertaining activity, there is a lot more out there that I would like to do with my limited budget, so gambling is a relatively expensive activity when considering the small benefits that it brings, then it is better to limit our gambling so we can enjoy other activities as well.
Setting a budget and limit is really important to reduce how much can be spent on gambling. Why we enjoy that entertainment and fun it's meant for, but in some cases it's easier said than done. Some people have a limited set, which is supposed to be followed but can't remember when last they followed that pattern. There is always that thing in them that they can't control that always makes them break their daily limit until they have lost what they can. No longer, the refunding keeps on going until they are called upon.Jump to: