Loss Aversion: A Critical Factor for Responsible Gambling. - page 5.

memehunter

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Quote from: EarnOnVictor on November 09, 2024, 01:32:32 PM

You never gave any source in the post to back your claims either, which means you didn't even credit those who you think deserve the praise than you, but it's fine.

My bad.
I actually posted the link in one of my post later on;

Quote from: memehunter on November 07, 2024, 08:05:41 AM

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

But you are right I must have included that into my OP (which I just did). Also quoting another reputed member who already touched this;

Quote from: Porfirii on November 12, 2024, 12:29:15 PM

The main idea behind this topic was widely developed by Kahneman. I should refresh my memory, but I think that he compared psychological differences between winning, losing, not winning and not losing, and yes, the results were impressive.

I just gave a perspective on rake-back/loss-back practices used by casinos in the context of Loss aversion which is my own perspective (might be totally wrong) and that is it.
Thanks for pointing out a genuine concern.

EarnOnVictor

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Quote from: pawanjain on November 14, 2024, 03:55:03 AM

Quote from: Fivestar4everMVP on November 13, 2024, 01:36:58 PM

Quote from: pawanjain on November 13, 2024, 01:02:43 PM

Losing isn't something that people want but in gambling almost everyone loses money almost every day.
How we handle the losses is something that tells more about the person.
Some take it litely while the others panic and react worsely to their losses.
It's all in the mind though. The one who has a good self control is the one who can handle their losses well.

Loses can actually be avoided if only gamblers will learn to gamble for what it's meant for, which is fun and nothing more. While gambling for fun, one can lose money quite alright, but loses in such in situations and mindset isn't actually a loss, but more of like paying for a service.

People go to the movies and spend their money to watch a movie, how about going to a concert to watch your favorite artist perform your favorite songs, money is spent to achieve this.
Same way also, people can actually spend money to play their favorite games and have fun with it, but unfortunately, most gamblers today careless about the fun in gambling and are much more focused on gambling to make money, this is why the loses count for most gamblers.

It eventually boils to down to the same point that people with good self control are able to control their emotions and gamble responsibly.
The others are careless and spend more on gambling in the hope of winning more money.
If they really treat it as a fees to play the game then most gamblers won't get addicted to gambling at all.

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. Notwithstanding, even as they want to gain from gambling, the fairer/ more feasible advice is for them not to be desperate for it, they can still pursue their quest of the money making and be responsible in gambling, we see that often around us, so it is do able. They only need to neutral their minds and admit that gambling is a luck-based activity that they can never be able to crack, so instead of chasing an impossible mission, they will rather be cautious with this understanding.

Perfectbaby

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Quote from: memehunter on November 07, 2024, 04:27:29 AM

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.

I have this consciousness while gambling because a casinos always explore the best mechanism to entrapped gamblers even though they are losing it wouldn't occur to them that it's the right time to set limit for themselves while gambling, overly it's as important as not to be carried by their rake-back/loss-back and their purpose of having that assigned is to keep gambler continue gambling without the subconsciousness of having them deceived in a particular circle to keep gambling and making much deposit with the intention of having them meet with their weekly/months bonuses.

pawanjain

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Quote from: Fivestar4everMVP on November 13, 2024, 01:36:58 PM

Quote from: pawanjain on November 13, 2024, 01:02:43 PM

Losing isn't something that people want but in gambling almost everyone loses money almost every day.
How we handle the losses is something that tells more about the person.
Some take it litely while the others panic and react worsely to their losses.
It's all in the mind though. The one who has a good self control is the one who can handle their losses well.

Loses can actually be avoided if only gamblers will learn to gamble for what it's meant for, which is fun and nothing more. While gambling for fun, one can lose money quite alright, but loses in such in situations and mindset isn't actually a loss, but more of like paying for a service.

People go to the movies and spend their money to watch a movie, how about going to a concert to watch your favorite artist perform your favorite songs, money is spent to achieve this.
Same way also, people can actually spend money to play their favorite games and have fun with it, but unfortunately, most gamblers today careless about the fun in gambling and are much more focused on gambling to make money, this is why the loses count for most gamblers.

It eventually boils to down to the same point that people with good self control are able to control their emotions and gamble responsibly.
The others are careless and spend more on gambling in the hope of winning more money.
If they really treat it as a fees to play the game then most gamblers won't get addicted to gambling at all.

Strongkored

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Quote from: memehunter on November 07, 2024, 04:27:29 AM

Casinos use this to trap you in a vicious circle of addiction.

The point is that gambling is risky and gamblers must understand that and not because the casino traps you but because gamblers allow themselves to be controlled by desire, the desire to win more and the desire to recover losses so that it will be difficult to stop.

AmoreJaz

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Quote from: Ambatman on November 13, 2024, 05:57:54 PM

The concept is quite on point and this is the first time I'm learning about such.
I usually tend to control loss than aiming for profits.
But like we know about behavioral theories they usually end up been subjective due to humans unpredictabilities.
I might fall in the category of the concept doesn't mean all would but majority do and I can see how casinos can gain from this.

We can really gain some good insights from here. Be open with some ideas and they can really help you when it comes to containing your gambling habits.
Responsible gambling is indeed hard to attain especially if you have no other activities in life to dedicate with. But if you have other tasks that you can be busy of, I believe, it would be quite easy to manage your gambling habits.

Ambatman

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The concept is quite on point and this is the first time I'm learning about such.
I usually tend to control loss than aiming for profits.
But like we know about behavioral theories they usually end up been subjective due to humans unpredictabilities.
I might fall in the category of the concept doesn't mean all would but majority do and I can see how casinos can gain from this.

Wiwo

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The concept of losing is part if a casino and gambler, so the best thing to do as a gambler is that, you will have to make yourself very comfortable with losing to the point that you naturally have no reaction for it since you already know that losing is part of the game as long as you chose to gamble, so when it comes your reaction towards it is what matters most.

Being bias about how a gambler react to both loses and winning is a mental balance thing and if one has an emotional influence on this it will greatly affect they overall reasoning and judgement of things, so for that the subject of how a person react to losing in gambling is subjective to individual make ups.

Fivestar4everMVP

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Quote from: pawanjain on November 13, 2024, 01:02:43 PM

Losing isn't something that people want but in gambling almost everyone loses money almost every day.
How we handle the losses is something that tells more about the person.
Some take it litely while the others panic and react worsely to their losses.
It's all in the mind though. The one who has a good self control is the one who can handle their losses well.

Loses can actually be avoided if only gamblers will learn to gamble for what it's meant for, which is fun and nothing more. While gambling for fun, one can lose money quite alright, but loses in such in situations and mindset isn't actually a loss, but more of like paying for a service.

People go to the movies and spend their money to watch a movie, how about going to a concert to watch your favorite artist perform your favorite songs, money is spent to achieve this.
Same way also, people can actually spend money to play their favorite games and have fun with it, but unfortunately, most gamblers today careless about the fun in gambling and are much more focused on gambling to make money, this is why the loses count for most gamblers.

Pandu Geddon

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Quote from: Dewi Aries on November 13, 2024, 10:50:28 AM

The reason many people are trapped is because they cannot accept the defeat that occurred and this is actually wrong behavior.

Every gambler must have the hope of winning. No gambler is happy with a loss. The attitude of not accepting defeat is indeed the background of gamblers who can gamble emotionally. Gamblers are likely to lose control of the bets they make. This is because of their desire to recover the money they have lost. I see it more in the psychological unpreparedness of gamblers. So they understand the risk of loss in gambling but are unable to control their own emotions to determine limits.

serjent05

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Quote from: Betwrong on November 07, 2024, 06:58:37 AM

Quote from: memehunter on November 07, 2024, 04:27:29 AM

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

I find this like taking revenge, since people don't want to get humiliated, they tend to retaliate. in terms of gambling, people don't want to lose so in order to recover their losses, they tend to chase their losses which in the long run incur them more losses and the loop is formed. Now the person is trap in an infinite loop until he realized that he was been trapped.

Quote from: Betwrong on November 07, 2024, 06:58:37 AM

Start playing in a casino only if you are okay with losing what you have allocated for the game.

That should be the way but people tend to lose control when triggered which often happens in gambling. So instead of the plan of having a bankroll of $100, the person end up spending 10x just to chase the losses until he runs out of fund.

pawanjain

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Losing isn't something that people want but in gambling almost everyone loses money almost every day.
How we handle the losses is something that tells more about the person.
Some take it litely while the others panic and react worsely to their losses.
It's all in the mind though. The one who has a good self control is the one who can handle their losses well.

Findingnemo

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Casino built their business according to the human psychology which enables them more profits, and they are running as business so they will keep looking for the customers to be engaging also spend more money and it's our responsibility to know our limits and stop if the loss is unbearable.

It's good to know the term but I insist that we are solely responsible every decisions we make and blaming the circumstances can't help with anything.

crwth

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This cognitive effect plays a role in the part where players chase losses. It's that itch that you need to scratch that you want to get when you gain profits, and the feeling when you lose, you want to feel better, and more plays and revenge respond to it. I believe you have done well in posting with the "loss aversion" and gambling psychology.

The person must be responsible and aware of these things that could urge someone to chase it. We should be mindful of this, and I hope the decision-making is correct.

Dewi Aries

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Quote from: Chibit01 on November 13, 2024, 09:43:04 AM

I totally agree, loss aversion are in different forms, one is being too hesitant. People use the delay tactic out of hesitation to avoid losses and when they finally decide to stake on a particular round they end up losing. Just like you said gamblers chase their losses as a way to avert losses only to end up losing more money. Losing doesn't come with a good feeling and sometimes coming to terms with reality after losing is quite difficult, this is why a lot of gamblers try to chase what they have already lost by gambling more, once you are trapped in this loop losing is inevitable.

Chasing a loss that has occurred or chasing a win is one of the irresponsible behaviors in gambling, people like this are usually people who are not ready to lose their money in gambling, and people like this are usually people who have high hopes for gambling until they feel tense and afraid to lose the money they bet and when the reality happens is losing money they can't accept it and then a desire to recover the loss arises which drives them to fall deeper into gambling. When someone is trapped in this circle, not only is defeat unavoidable but with themselves being addicted, defeat seems like something that is being pursued even though they have lost many times but with the encouragement of wrong thoughts or mindsets, they continue to gamble. The reason many people are trapped is because they cannot accept the defeat that occurred and this is actually wrong behavior.

Chibit01

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I totally agree, loss aversion are in different forms, one is being too hesitant. People use the delay tactic out of hesitation to avoid losses and when they finally decide to stake on a particular round they end up losing. Just like you said gamblers chase their losses as a way to avert losses only to end up losing more money. Losing doesn't come with a good feeling and sometimes coming to terms with reality after losing is quite difficult, this is why a lot of gamblers try to chase what they have already lost by gambling more, once you are trapped in this loop losing is inevitable.

michellee

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Quote from: Jaycoinz on November 12, 2024, 11:58:20 AM

I think I agree with you on this, casinos use this psychological trap on gamblers to get them addicted to the system. It takes a disciplined mind to accept losses and simply move on and try to forget about it. Most gamblers feel the need to recover what they've lost and 90 percent times this only makes them lose more money. Once you have found yourself in this loop you are going to lose constantly. I think another concept to lose aversion would be avoiding the game totally, but trying to get back what you lost based on the feeling of regret is a dangerous move.

Stopping from gambling immediately when you think you already lost 40% so you don't have to lose more money. But that will not easily because gambling can tempt you to back to the games and spend the rest of your money. It needs a strong will that can say to yourself not to use all of your money so the psychological trap from casino will not work to you. We can not continue gambling after lose for some money because that can cause us lose control and hard to stop gambling. If you can control yourself better, you will see that is enough to playing gambling for today and you must stop gambling immediately before your losses becomes bigger. The psychological trap can makes you forget the limitation that you set it up before because there will be a wanting to continue gambling whether you lose or win.

Davidvictorson

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The casino is business. And every business has to make money. Some of the money made will go into operations, salaries, and keeping the business afloat. I think we put too much blame on casinos which is not fair. Casinos are doing what every other businesses do. For example, those businesses that do "Black Fridays" and tell you they are giving 70% off when infact they are only clearing old sales and there is nothing really off there. They encourage impulse buying, reckless buying and all of those things. You don't blame the business. So it is with casinos, they are not responsible for irresponsible gambling, the individual. I like this cognitive bias which you have explained with respect to gambling and it is on every gambler to know this and hold themselves responsible for their gambling behaviour.

TheUltraElite

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So anyway, I applied as a merit source :)

Most people will not like the face the fact that they lost money in gambling and they are themselves to blame for that. Be it their greed or their guilt, they will not want to face it.

In fact if you lose money and face the fact that you are the sole responsible person for it, the vicious cycle ends and you dont go back to play right away by try to work hard and earn money again.

It is how the casinos control the gamblers, they appear to give some nudge back to stimulate them to play but in the long run the casino wins more.

Porfirii

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The main idea behind this topic was widely developed by Kahneman. I should refresh my memory, but I think that he compared psychological differences between winning, losing, not winning and not losing, and yes, the results were impressive.

About not losing, I think that this is something that we all have experienced before in many aspects of life, and gambling is not an exception. I remember myself raising the stakes when I was a child to get some chips back, until I almost lost them all. Fortunately for me, I was lucid enough to stop in time, and the bad feeling it left me was a learning experience that lasts until today.

Like so many things in life, it's a lesson that is learned the hard way, and the sooner the better. Plan on beforehand and, if you lose, learn to accept it.

Topic: Loss Aversion: A Critical Factor for Responsible Gambling. - page 5. (Read 1540 times)