I try to keep it simple... If I decide to spend some money on gambling I will do it, I will play as I like to play and choose games I find attractive at that moment. Many casinos now have all sorts of features, and that's a good thing. If I get something from wagering that's just more money for playing.
I don't find loss aversion as a critical factor for responsible gambling. Most of us change our approach to gambling depending on our current mood, we change styles and in many cases, the game itself affects our gameplay, that's why we sometimes fall into tilt and more extreme gambling when we chase losses by playing with higher stakes. And all that is normal, it's all fun & games if it's the amount we can afford to lose, the first rule of responsible gambling, deposit only the amount you can lose. Make 10 deposits if your budget allows you, but once you deposit the money you can't afford to lose you are getting into a problem, and the more you do it the problem will be bigger.
Topic: Loss Aversion: A Critical Factor for Responsible Gambling. - page 6. (Read 1540 times)
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.
The psychological impact of loss aversion affects gamblers on different levels, and it depends on personality. Some people stop playing after a losing streak to avoid further loss, while others become more determined to win and double their stakes. Meanwhile, some individuals stick to their routine, regardless of wins or losses, since they don't exceed their budget.
Loss aversion varies from person to person. Responsible gamblers, often those who've learned from past experiences, recognize casinos' tactics to keep them hooked and ignore the tricks. They play normally and move on.
Casinos offer small rewards to exploit fear of losing, but it's up to the individual to decide. Will they fall into the casino's trap, increasing stakes, or end the game and walk away? The psychological effect is real, but it's up to each person to act on it.
Human tendency is like this only my friend. We care a lot about our hard-earned money. Hence, instead of thinking of profits, we pray that we don’t face any losses. It’s better to have some money than no money, right?
Some people are just built differently lolI have encountered people, don’t know if they would be called brace or stupid, who would risk their hard earned money for the prospect of more. Sometimes it works out and they are hailed smart and amazing but most of the time, it doesn’t work out and they are just seen as reckless and stupid.
I think there should be a fine line between maintaining security and also risking things to reap maximum rewards.
Human tendency is like this only my friend. We care a lot about our hard-earned money. Hence, instead of thinking of profits, we pray that we don’t face any losses. It’s better to have some money than no money, right? But yes, I also agree that this mindset hampers our decisions up to certain levels. We need to understand that if we take risks, then only the risks will be converted into profits. Gambling is all about risking; hence, we need to be very careful with all the steps that we are taking.
Risk management is something that must be understood before really jumping into the world of gambling. However, it is unfortunate that among them, gamblers do not care about this. In gambling, the risk of losing is always higher than winning, so it would be a bad thing if we spend too much money on betting. Because, this will only make us experience many losses. On the other hand, this will also only bring us closer to the risk of experiencing gambling addiction. Therefore, this risk control management is very important to consider before starting a gamble
A casino is a business, which is built to generate a profit, so it would be very silly if we go to gambling by placing lots of bets and hoping to get more profit from the bet. Therefore, come to the casino with the aim of seeking pleasure and enjoying it, not seeking profit. The casino is nothing more than a place of entertainment and you have to pay more for the pleasure you get in gambling.
A casino is a business, which is built to generate a profit, so it would be very silly if we go to gambling by placing lots of bets and hoping to get more profit from the bet. Therefore, come to the casino with the aim of seeking pleasure and enjoying it, not seeking profit. The casino is nothing more than a place of entertainment and you have to pay more for the pleasure you get in gambling.
Nobody likes to lose money, but everything gets worse when people are gambling and betting money because when they lose, people get angry and start thinking about how many things they could have bought with the money they lost and for this reason they run after the loss and when they lose again, they get even more angry and put more money to recover the losses, this path leads people to bankruptcy and addiction.
It is a path with only leads to bankruptcy and addiction if one does not learn to identify those feelings and one gets carried away by them.
Funnily enough, I recently had a quite remarkable experience which serves as a good example for the topic of this thread.
I was playing blackjack on stake because I was bored, I started winning and I felt like I could have a little bit more, using my good luck, in the third hand playing blackjack I ended up lossing, immediately triggering me to continue to wager in order to get my money back, at least to break even with the house.
Though, I did not fall for it, accepted the loss and decided to move on from all of it. It is quite difficult to do so, but it is part of the discipline which is necessary for any gambler not to go bankrupt or addicted in a very short period of time...
Others with little knowledge and self-control would have chased those losses as fast as possible and end up penniless.
Nobody likes to lose money, but everything gets worse when people are gambling and betting money because when they lose, people get angry and start thinking about how many things they could have bought with the money they lost and for this reason they run after the loss and when they lose again, they get even more angry and put more money to recover the losses, this path leads people to bankruptcy and addiction. Unfortunately, there are few people who are in gambling who can accept losses and not chase losses. Of course, casinos are a business. They give bonuses and promotions to encourage people to play more, even when they lose all the money they deposited at the casino.
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.
Gambling may be a distinct phenomenon, but it is not unique, because if we consider it a waste of time and money, then other activities can also be included in the same list, such as buying alcohol or drugs.
This is an illustrative approach only, but by delving deeper into gambling, finding pleasure in losing money may not be entirely correct/wrong because the goal of any gambler is to win and he cannot be happy with his loss. With the exception of unique cases of very wealthy people who always raise the slogan “Loss is an eternal treasure,” it can be considered a pathological condition like neurotic psychosis that makes a person take pleasure in unreasonable behavior or manifestations, such as enjoying pain or celebrating loss.
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Sometimes the mindset and attitude taken by each gambler can also be influenced by how much money they use in one betting session, when there is still a remainder that allows someone to continue it, it is possible for them to continue to pursue their defeat.
Implementing responsible attitude is not easy and it is indeed natural when someone has to try to win because this is in gambling, there is no goal that will really be prioritized by most gamblers except for the ambition to get as much victory and profit as possible.
Implementing responsible attitude is not easy and it is indeed natural when someone has to try to win because this is in gambling, there is no goal that will really be prioritized by most gamblers except for the ambition to get as much victory and profit as possible.
Chasing losses is one of the common dilemmas of gamblers. As they want to recover their losses, they tend to continue their games thinking that they can get back what they had lost.
Lucky if you can still contain your gambling habits as you won't have financial troubles. However, if you feel you are going deep, better pause and assess your situation.
If he can learn about controlling himself from keep playing gambling, he can stop gambling anytime without thinks about the outcome that he gets before. He will consider that playing gambling is one activity that he can do in his spare time and not for makes money.
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.
Doesnt matter whether this one pertains about loss back or simply chasing loses or in the other hand on which pertains about chasing winning or trying out to be a winner. It will really be still having on the same path to take and on the outcome that could possibly be experienced by a certain individual. Responsible gambling will always basing up on how you would really be that able to deal up with things specially on doing gambling. If you are someone whose really that having that awareness on the things that you are dealing into then its unlikely that you do really end up on a disaster on which that most people do really end up specially on dealing up with gambling. Loss aversion or hunting up for winning then it doesnt matter just like on what i have said above because actions to be made and immediate stopping will really be just that basing up on how good your control is on the time that unexpected results do happen. The key on here is that you should be strict when it comes on to your budget or gambling fund allocation because if you do really have that kind of behavior on which you are really that going beyond with those budget or allocation then this is something that makes up that disaster on the moment or time that you do get yourself derail with those plans you had set out earlier.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.
Always have that control and moderation when it comes to fund handling because on the moment it do loses up all or depletes then this do indicates that you should really stop and dont tend to deposit even more.
Sometimes the mindset and attitude taken by each gambler can also be influenced by how much money they use in one betting session, when there is still a remainder that allows someone to continue it, it is possible for them to continue to pursue their defeat.
Implementing responsible attitude is not easy and it is indeed natural when someone has to try to win because this is in gambling, there is no goal that will really be prioritized by most gamblers except for the ambition to get as much victory and profit as possible.
Implementing responsible attitude is not easy and it is indeed natural when someone has to try to win because this is in gambling, there is no goal that will really be prioritized by most gamblers except for the ambition to get as much victory and profit as possible.
Chasing losses is one of the common dilemmas of gamblers. As they want to recover their losses, they tend to continue their games thinking that they can get back what they had lost.
Lucky if you can still contain your gambling habits as you won't have financial troubles. However, if you feel you are going deep, better pause and assess your situation.
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.
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.
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.
This is a widely known fact, but it is still important for those that may not be aware of it to know how their mind works, so they understand why they are feeling the way they are feeling and why the compulsion to gamble way too much is there, however, once the compulsion exist, it is going to be very difficult to stop themselves from gambling, as at the time the rational part of their mind is no longer in control. 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.
Oh, this is very brilliant of you
Thanks but it has nothing to do with me. The information is already out there, even the contextualization of this bias.Therefore, I do not see it as my 'brilliancy.' I read something from various sources and just made a point.
I am not being sarcastic in any manner, nor did 'contextualization bias' have to do anything with you (praising me).
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.
Oh, this is very brilliant of you
Thanks but it has nothing to do with me. The information is already out there, even the contextualization of this bias.Therefore, I do not see it as my 'brilliancy.' I read something from various sources and just made a point.
I am not being sarcastic in any manner, nor did 'contextualization bias' have to do anything with you (praising me).
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.
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. Implementing responsible attitude is not easy and it is indeed natural when someone has to try to win because this is in gambling, there is no goal that will really be prioritized by most gamblers except for the ambition to get as much victory and profit as possible.
Oh, this is very brilliant of you
Thanks but it has nothing to do with me. The information is already out there, even the contextualization of this bias.
Thank you for that.
It's all true and it actually happened to me. Right now, I have a big loss in one local online gambling application and I can say I am trying to move on from that loss although we cannot take the fact that the memory will still be there at the back of our heads.
I think that's the only way to avoid this. Forget all those losses and be a brand new gambler, a better one. We already know to ourselves that it is how gambling is made, for us to lose, so what else are we gaining from playing over and over again? Not much. Entertainment mostly. Emotional fluctuations. I don't even think that's a gain. It's not a good thing when you are all stressed with the losses and all you feel is rage, I'd rather avoid that.
Sports betting is also a good cure. Stick with your team, bet an amount that will just ignite your passion as a fan, and cheer louder. You won't be wasting too much money and you might win if your team will perform well per season.
It's all true and it actually happened to me. Right now, I have a big loss in one local online gambling application and I can say I am trying to move on from that loss although we cannot take the fact that the memory will still be there at the back of our heads.
I think that's the only way to avoid this. Forget all those losses and be a brand new gambler, a better one. We already know to ourselves that it is how gambling is made, for us to lose, so what else are we gaining from playing over and over again? Not much. Entertainment mostly. Emotional fluctuations. I don't even think that's a gain. It's not a good thing when you are all stressed with the losses and all you feel is rage, I'd rather avoid that.
Sports betting is also a good cure. Stick with your team, bet an amount that will just ignite your passion as a fan, and cheer louder. You won't be wasting too much money and you might win if your team will perform well per season.
As long as we gamble with the amount of money we are willing to lose, this should never happen. However, if we are reckless enough to gamble with the amount of money we are not willing to lose, or in other words, gamble with the amount of money that is clearly intended for something else, then the desire to get back what has been lost will always be there and it will be quite difficult to forget the loss. Until finally we gamble again and collect more losses. And the more losses experienced, the harder it will be to forget them.
Therefore, gamble wisely, gamble with the amount of money that is ready to be lost. and always make sure that before you start gambling, that what has become your need has been met. and those who are stressed because of gambling are those who gamble with an amount of money that is clearly intended, such as to meet needs, pay bills or other things, which the money should be used for, they are reckless in using the money to gamble and end up losing the money.
I don't understand this. If losing money is painful for you, why do you continue? Sounds irrational to me.
Start playing in a casino only if you are okay with losing what you have allocated for the game. You shouldn't even start otherwise. Also, I disagree with the notion associated with loss aversion that "the pain of losing $100 is often far greater than the joy gained in finding the same amount". How can you compare pain and joy? They're entirely different experiences.
Start playing in a casino only if you are okay with losing what you have allocated for the game. You shouldn't even start otherwise. Also, I disagree with the notion associated with loss aversion that "the pain of losing $100 is often far greater than the joy gained in finding the same amount". How can you compare pain and joy? They're entirely different experiences.
Losing money is painful to almost everyone whether it happens within or outside your pre ascribed bank roll. The question that why people gamble has various answers in psychology (dopamine, adrenaline etc.). Here we are discussing one of the major factors which can lead a fun and entertaining [even money making {poker, sports etc.}] activity towards an addiction.
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