Topic: Loss Aversion: A Critical Factor for Responsible Gambling. (Read 1540 times)

A very normal common human being behavior on which at the moment or time that you do suffer loses then on your next time dealing then you do already know on what you should gonna do next. It is really just that depending on how someone will really be reacting into the things that they are really that getting involved into.It will really be that too impossible that there's no way that you will be able to adjust at the moment that you do have that experience. Its a common human instinct on which we do make out adjustments and be finding for other path or ways on which you can be able to fit yourself into other path on which you do seem that this one is really that indeed best or great thing that you will be doing because at the time that you are experiencing shit condition then why you would be trying out to stick with it or having that kind of tolerance? You will really be that putting up yourself at great trouble. If you dont like on losing up money then you shouldnt have done gambling in the first place. If we do deal up with gambling then get prepared on able to meet up tons of loses along the way on which this is indeed normal on this space. If you arent that good on what you are doing specially having no control in terms of emotions and other aspect then its better to stop completely and find out for  another option.

When you understand the psychological trap losing comes with you'd know how to make adjustments or how to control yourself from making further mistakes. Like you said humans would always want to push their luck either to keep on winning or try to get back what they have lost, the psychological trap behind this is to keep you in a constant cycle of winning and losing more that you have won trapped in that illusion that you can always keep winning if you keep trying despite the fact that you are losing. Once a gambler lacks self control and discipline he will always find himself trapped in this endless loop os losses.

The disclaimers on the casino sites are because they have to comply with government laws as if they don't set such banners they risk to get business closed in many countries and even worse in some jurisdictions they risk to go to jail. The fact that most casinos are flourishing and are doing great is a good reason for anyone to start some critical thinking before joining a casino, when you will be hit by severe lost amount of money in consecutive sessions you should not be surprised at all as that is what goes on mostly in such places so before venturing in one of them to play think carefully as I said. If you sit down and think of how many people are losing compared to how few are winning I bet my house only some idiot can join one, as Einstein said, insanity is doing the same thing all over again and expecting different results.

I don't see addiction as a health problem. It's a mental problem. It's something that messes with the brain and makes addicts react in certain ways that show them clutch to habits they find irresistible.

That comment of yours there even further amplifies it as a mental issue, not health.

Capitalists aren't moralists. Casino owners are capitalists who are out to make money from their investments. They aren't setting up their casinos to preach morality. That's why there are disclaimers and all sorts of warnings on their sites. It's so no one feels they're taking advantage of their vulnerability even when they know they are. Without regulations and enforcements, a lot will get out of hands; not only with casinos but across every business.

Sorry for late reply to this, thank you for sharing.

A while ago I posted, asking people if Trading exchanges have a responsibility to identify addiction as casinos do, and relating this to how addiction is a recognized health problem by medical professionals. I closed the thread because majority of people didn't even respond correctly or understand, but anyway, the point is, all these psychological factors are real observations and scientifically correct.

Now the law is asking casinos to look for people who have vulnerabilities like these and not to take advantage of it. Unfortunately most don't. Until enforcement comes in.

It’s also the best that even as gamblers have good reading comprehension and critical thinking skills. We also need to learn how to analyze the offer and weigh whether it’s worth it or not. Sometimes it seems like a good offer on the surface but when you really think about it, it’s not really that good of an offer and you just spent more or less the same with or without the offer.

If you’re too excited, you’ll end up not being able to think properly and you’ll be spending more than you intended to.

That's a good advice! Indeed it's hard work with yourself, with that part of yourself that wants to deposit more and "recover" through further gambling. But those who succeed can really have some good time with their gambling without suffering huge losses. You have to realize that it's your body and it's your mind that you should be able to control, not someone else's.

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.

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.

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.

Losing is normal in gambling. What isn't normal is that if you lose all your hard-earned money because you keep chasing your luck in order to recover your previous losses. That is already being irresponsible in gambling.

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.

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.

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.

I like businesses where owners are focused and are result oriented. I like shrewd entrepreneurs. I hold nothing against them, provided there's no hidden motifs in their modus operandi. I believe every business that's not making money isn't a business. It's a charity. Casinos aren't charitable organizations. That something is offered doesn't mean it should be taken. You're right about not taking certain offers because of clause attached to them.

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.

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.

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!

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.

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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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.