Financial losses are an inevitable part of betting, and every bettor should efficiently manage their bankroll. The pain of losing your stakes at bet is twice as powerful compared to the pleasure of winning the bets. You are not only losing your hard-earned money but also putting yourself in psychological discomfort.
If there was a close win, let’s say during the game of roulette you just fall behind a single number, the brain doesn’t take it as a loss. Forcing you to try another in a desperate hope to win the next one.
It fools the brain into thinking you’re getting better or that your chances are increasing, even when the outcome is purely based on chance. But in reality, the more one chases, the deeper they fall into the trap of loss aversion. So what is loss aversion? Let’s read about it.
What is Loss Aversion?
When a bettor loses his/her stake, instead of stepping back, many bettors fall into the “chasing losses” trap. They double down on their next bet, hoping to undo the damage, often making riskier decisions and bypassing rational judgment.
In this desperate attempt to cover losses majority of time bettor ends up losing all their money and falling into the debt trap. Whether it is losing fantasy sports by just one point or just getting the 777 sequence on a slot machine, the psychological urge is always so intense.
The emotional distress clouds judgment, and bankroll management collapses, which could land a person in a harmful situation. It’s a harsh truth that many platforms exploit this by showing frequent “almost wins,” celebratory sounds even in losses, and immediate opportunities to place another bet.
It creates FOMO where the loop gets created and your brains fall into such a trap.
What Triggers People to Chase Losses?
There are various neurochemicals responsible for creating such an illusion. Dopamine is the main culprit, as it is termed a reward chemical that makes the person feel like they are getting pleasure. Every time while placing a bet, the brain releases dopamine, not just during a win, but in anticipation of one. Even during a loss, this neurochemical keeps the brain chasing that rewarding feeling.
Even after a loss, there is an internal conflict where they believe that the next bet will rectify the loss. Another devil in the shadow here is sunk cost fallacy, where the bettor gets into a conflict with themselves, where they realize that they have already invested a lot, and they cannot step back now.
In such scenarios, the amygdala can override the prefrontal cortex, the part of the brain responsible for rational decision-making. Thus, triggering people to chase after losses.
How to Control Emotional Urges?
Now the question arises, how could we control those urges and illusions and have better control over our gambling decisions? A young blood always ake gambling as a source of money-making, whereas a wise person will consider staking as a source of entertainment. This is where the secret lies: never take gambling as a source of income. Moreover, some additional practices to train your brain are:
- Meditation: Meditating can help you to have control over your thoughts and actions. This reduces impulsiveness and helps observe urges without acting on them.
- Free Games: Before setting out to play with real money, first test your skills with free games. Lotus365 offers tons of free games to test your might, such as roulette, poker, slots, fantasy sports, and a lot more.
- Journal Entry: Maintaining a record of your bets would help you identify patterns of impulsivity or emotional triggers. And do take a break in between the session to reflect on your decisions.
- Setting Limit: Establish clear limits on financial expenditure and the amount of time spent on these platforms. This way you would have extensive control over your gambling habit.
Final Words
If you find yourself constantly thinking about gambling or unable to stop, consult a psychologist or even try changing your social circle if they are under such practices. To wrap things up, never place your bets just to recover a loss, and ensure you have a financial limit for betting.
Pausing is essential so you don’t get carried away, and be careful with the near-miss effect that tricks the brain into thinking a win is imminent.