Topic: Loss Aversion: A Critical Factor for Responsible Gambling. - page 2. (Read 1540 times)

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.

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.

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 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 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

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 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.

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.

It is difficult for me to judge that people sometimes do not realize they are losing control over their behavior and spend a lot of money without thinking about the future. But it is also difficult for me to imagine someone who understands that they need to start controlling themselves, already in the game's clutches. There are two options: either you play initially understanding what you should not do. Or you stop playing altogether. But I have not seen a drug addict who, being under a certain dose of drugs, begins to work on himself. We know that both addictions are treated by professional specialists, and if there are initial prerequisites for aggressive behavior in gambling, it is better to give them up altogether.

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.

One of the easiest of losing more money in gambling is trying to recover money that was lose in gambling. When one comes into gambling and have in mind ever to lose money in gambling and wants to recover every lose,  it is an avenue for more lose.

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.

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.

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.

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.

Casinos use this to trap you in a vicious circle of addiction. They will give you loss-back/rake-back in the quantity, which might not have enough appeal for you to withdraw, especially after a big loss (which enabled that loss back). They will do this either by giving you your loss back or rake back in small installments (daily, weekly, or monthly) instead of giving you a lump sum amount one time. 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. After you lose that rake-back/loss-back, you will have an urge (twice as strong) to deposit and win back the lost amount (this is especially true if you are new to gambling), taking a higher risk to avoid the intra-confrontation with the fact that you have just lost x amount. The majority will lose again and again; some will even develop a defense mechanism to not even think about their big losses and continue focusing on depositing more money to cover losses.

This cognitive bias has some deep-rooted genesis in human psychology because of how we evolved. A shortage of food is more lethal than the happiness that comes with excessive food.

I am posting this because understanding this concept helps me become more responsible with my decision-making, and it might be helpful to you as well. I am eager to know opinions of other wise members.

One of the easiest of losing more money in gambling is trying to recover money that was lose in gambling. When one comes into gambling and have in mind ever to lose money in gambling and wants to recover every lose,  it is an avenue for more lose.

One of the easiest of losing more money in gambling is trying to recover money that was lose in gambling. When one comes into gambling and have in mind ever to lose money in gambling and wants to recover every lose,  it is an avenue for more lose.

Nobody wants to lose money, we all want to win. We feel more pain when we lose than the joy we get when we win even when it is the same amount. This has made us regret losses more than celebrate wins. This concept in gambling shows that because we dread the pain of losses we take more risks such as loss chasing to avoid or overcome it. Sometimes because you know that it will take you days to forget about a loss you decide to gamble more to avoid that experience.