Topic: Loss Aversion: A Critical Factor for Responsible Gambling. - page 3. (Read 1412 times)

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.

I think I agree to what "Betwrong" said, because judging by the popular saying we usually use in the gambling community (i.e Gamble what you can always afford to lose), it simply means if an individual was able to gamble $100, it automatically means he or she was willing and able to afford to lose that exact amount of money, of which I see no difference on which will be more painful or happier, inasmuch as it's the same amount of money that is either lost or won while gambling. Hence, inasmuch as everybody wants to win more while gambling, for me, I think when an equal amount is involved, the level of dopamine or adrenaline is literally at equilibrium.

It's true what you said friend, gambling without any set limits is bad behavior because it will only make us addicted to gambling, besides we know that when someone is addicted it will be difficult to get out, some cases that occur with those who are addicted and want to recover some even ask for help from experts such as psychologists, this can actually help but in my opinion it does not guarantee that they can recover for sure because the main point is in themselves, if they are still not wholeheartedly not to stay away from gambling it will be just as difficult even if helped by an expert.

For those who can control themselves such as being able to control their emotions, or greed and their mindset towards gambling, then the gambling activities they do do not need to be too worried about because the possibility of the impact of addiction will not occur because of the set limits.

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.
 
You will find it quite helpful; https://insidebe.com/articles/loss-aversion/

It is simple! It's painful that they lose money and that's why people like that keep on chasing the loss out of that pain in the hopes of recovering. An unpopular mentality of pursue - overtake - to recover. A fallacy no gambler in his right principle senses should buy into.

When you dont set out limits then it will really be that a huge recipe for disaster and this is something that you would really be needing up to consider when it comes on dealing up with gambling.
Limit your losses and never tend to chase those loses too on which this will really be that resulting into further deposits on which this is something which isnt really that recommended. On the moment or time that you do find out yourself spending too much on which it is really that more than on what you had budgeted then it will really be that wise that you should be stopping immediately.
Never ever make yourself that be controlled with your emotions because this is where people do usually messed up on the moment that they will tolerate out those bad decisions.

I don't understand this. If losing money is painful for you, why do you continue? Sounds irrational to me.

On a norm you can't detects and factor out when you gets addicted to gambling and to that which you constantly does at your own will time or spare time, that's why gambling and not setting limits to gamble is actually very risky and a bad habit to show easy way to addictions. And again anyone who are able to control greed can actually reduced the rate at which addiction shows in them.

Many people do not do it for the money. You can see someone that is very rich but like to gamble. The funniest thing would be that he is using a very small amount for the gambling. From the poor to the rich people, you will some people in all the pyramidal stage that are gambling.

People are different in life. There are many people that do not gamble for making money.

Many people do not do it for the money. You can see someone that is very rich but like to gamble. The funniest thing would be that he is using a very small amount for the gambling. From the poor to the rich people, you will some people in all the pyramidal stage that are gambling.

On a norm you can't detects and factor out when you gets addicted to gambling and to that which you constantly does at your own will time or spare time, that's why gambling and not setting limits to gamble is actually very risky and a bad habit to show easy way to addictions. And again anyone who are able to control greed can actually reduced the rate at which addiction shows in them.

On a norm you can't detects and factor out when you gets addicted to gambling and to that which you constantly does at your own will time or spare time, that's why gambling and not setting limits to gamble is actually very risky and a bad habit to show easy way to addictions. And again anyone who are able to control greed can actually reduced the rate at which addiction shows in them.

Many people forget about the limits that they should apply in their behavior in gambling, especially with beginners who usually only think about winning, usually they will not see the risk side which is actually greater. Actually, before gambling, they should have thought about setting limits in gambling, such as from the funds that will be allocated to gambling that are set in amount, and not extending the gambling session when it has ended in defeat. People who are irresponsible with the gambling they do are those who will experience the negative impacts of gambling, addiction and destruction of life will happen sooner or later. Moreover, if they think that they will be able to win in gambling, it will make them trapped in gambling and it is difficult to get out, and when it is like this, it is usually difficult to be aware so they will not easily stop even though they have lost a lot of money.

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.

Not only the behavior when losing depends on individual even the behavior when we win too depends solely on individual, there are those that when they lose they don't even react to it, I meant it doesn't influence their personal behavior and even when they win too, but when it comes to some people at every point in time they win or loss their whole personality changes the narrative of their behavior irrespective of how much being lost or win even though no one gambles to lose but it is a fact that can not be averted, gambling is a two way thing either win or loss.

Well the feeling of losses cannot be underestimated and emphasized because it's a factor that can't be rooted out of gambling so whearas in cause of gambling you ought to win and lose as well but necessarily it depends on how you position yourself in it.cayse if this feelings of losses can be handled I don't think there would be results of addiction,this is why it's best to take up some break in gambling.

And you think people can take their minds off gambling money? That is not possible, the majority of people gambling do it for the money and it will remain like that forever.

I don't agree with that. In my opinion, the behavior when losing depends entirely on the personality. Some people want to turn things around in their own way, they will increase the stakes. Others, on the contrary, will completely stop playing (at least for a while), and certainly will not double down. There is such a division of people according to their constitution and character. Mesomorph, endomorph and ectomorph. The first ones will play "until they turn blue" until absolutely everyone loses. II also did not understand how overeating follows from a lack of food. If a person must avoid a lack of food, then why should he risk the "last meal" in the hope of "gorging himself"? There is no logic in this.