Topic: Loss Aversion: A Critical Factor for Responsible Gambling. - page 2. (Read 1412 times)

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.

Many have recorded losses in all these online gambling applications but should stay out of it. Because you can't recover that money loss if you want, you should forget everything. Already know myself how gambling is made, how much i run into losses. But even knowing that we gamble again and again because there lies our source of income and entertainment. We only feel the right way when we lose gambling and feel that anger again and again. I myself am addicted to gambling but i don't hurt anyone because i feel profit and loss.

...since the main aim for gambling is to win and make profits then since we can't avoid winning, losses too should not be avoided cause they are all criterias in a game.

^

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.

The reason that some gamblers find it difficult to let go of losses is because of the mentality of having their source of living from it and therefore they must not lose. You may be lucky having this thought of source of income but majority of gamblers who think this way find themselves going back to deposit on their account because they refuse to let go. One thing that I understand about losing in gambling is if you decide not to stop while losing then you keep losing as your analysis would keep being wrong because the mindset is that of revenge which is wrong mentality.

Well people's opinion and perspective differs from one another and in the aspect of responsible gambling I think chasing over losses have been one issues that can't be opted out while gambling but it's not like it could be seen as biased, yes we can't dispute the fact that we make losses and so we can't shy away from them as well since the main aim for gambling is to win and make profits then since we can't avoid winning, losses too should not be avoided cause they are all criterias in a game.

Many have recorded losses in all these online gambling applications but should stay out of it. Because you can't recover that money loss if you want, you should forget everything. Already know myself how gambling is made, how much i run into losses. But even knowing that we gamble again and again because there lies our source of income and entertainment. We only feel the right way when we lose gambling and feel that anger again and again. I myself am addicted to gambling but i don't hurt anyone because i feel profit and loss.