Loss Aversion: A Critical Factor for Responsible Gambling.

[Orpichukwu]

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.

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.

[madnessteat]

^

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.

[tvplus006]

...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.

It will depend on what kind of goal a person sets for himself when going to the casino. And if the goal was to enjoy the game and get a dose of adrenaline, then he will not be upset about losing. If your goal was to win, then you should be aware that your goal It may not be achieved.

[Rockstarguy]

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.

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.

 Gambling is always unpredictable and this is the reason why one should never think of recovering money lose in gambling because it is still possible to lose again trying to get back money in gambling. Sometimes one of the reason why gamblers want to get back loses is  because of greed and this is as result of lack understanding,  some gamblers also choose to recover money back because they gamble with the money that they can't afford to lose back.

[Cryptoprincess101]

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.

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.

I do not completely agree with your opinion here because despite how much a gambler has lost to gambling, they are happier when they win and that is why in most physical betting shops, you will see a gambler collecting a payout from his winnings and before he leaves the gambling hall, he will give out some cash to gamblers around there. Why didn't they calculate how much they have lost and then not give out some money to others till he has completely recovered all his losses in gambling. I can tell you that gamblers feel pains especially when they have lost a lot of money to gambling but when they win, all those pains of regrets suddenly go away, and they won't think about how much they had lost again, and they become happier no matter how little the won amount is.

[SamReomo]

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.

Well, that's totally true, the ones who chase their losses always end up losing more money in gambling, and the ones who doesn't care much about the losses are the ones actually win money in gambling but only if they are lucky.

There are so unlucky fellows who consistently lose money in gambling but still they enjoy it. They find gambling as a way of entertainment and that's why even if they lose money, they still enjoy gambling, and even a single win is more than enough to make them happy again.

[Blowon]

If everyone can control themselves, then there will be no one who is addicted to gambling even to play, because basically it is playing to lose, then why do people play? a small number of people play just to entertain themselves but most people will play to seek profit, that's why many people get trapped

[Accardo]

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.

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.

Why do people, in the first place, have all that in mind before going into gambling? They ought to have heard about how it goes and the name says so much about it, what then happens to the irreversible losses which most players tend to reverse and fail at it multiple times? Their memory could be rotating around the constant loss with no truth about what may have cause it, even if they've heard all cautions partaining to gambling. Instead, they forge ahead to battle with the problem more than wondering about curing it.

[Fortify]

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.

We are all stepping through life and balancing risks every single day, some of which involve loss aversion and others are just calculating the odds of a certain outcome. Walking across the road without checking it is clear, is a an example of risky behavior. Investing in a new asset after doing a good amount of research is a risky decision. We face these random decisions every day that can affect our future financial well being, but how we treat gambling can be different. If it is a casual game, just like a video game, we can draw excitement from trying to pick the right strategy to win - that is the reward and any monetary compensation is a bonus. It's entirely dependent on the mindset of the person placing the bet, whether it really affects their life or is an insignificant decision that might give them a little thrill.

[|MINER|]

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.

At the beginning when I saw your title on gambling discussion I didn't really understand after that when I read your post I got your topic. And I came here yes this is the most important factor for responsible gamble.

And here I was so think that most of the people increase their loss amount just for  chasing their losses at gambling. I have also same kind of habit. Even then currently I try to do stay on my limit of losses after that if I cross the limit I will leave gambling for that day and this is really workout But yes, it is also undeniable that I am completely free from the feeling of chasing losses, for example, today I wasted almost all my allocated funds on pinklo ball games and one of the reasons for this was chasing losses and later, after chasing losses, I lost all my funds while chasing profits.

[Aanuoluwatofunmi]

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.

By default, losses are to happen when we are gambling, but our own decision in trying to avert it or stop such from happening will only linger the more its effect on us, because that is part of the reasons why we are going to see some gamblers being running after loss, because they cant afford to let go, the moment we begin to think otherwise as to avoid a losses while gambling and make more profits instead, then we are going to keep making things get worse, we have to use our money to gamble, never mind if we are losing or winning since what we should be after is fun and not money for gambling.

[alegotardo]

Loss aversion is a trait that is deeply rooted in our evolution, as you rightly mentioned... our ancestors also placed more value on prevention than on gains, as this has always been a crucial survival strategy in environments where resources were scarce.

So, the tactic of returning losses in installments is brilliant in its simplicity, as it gives players a "loan" to continue playing, and thus they exploit our impulse to try to recover losses.

The feeling of being close to recovering what we lost is very irresistible and leads many players to make impulsive decisions, thus creating a vicious cycle of gambling in which we "feel" that we are close to a big win, when in fact we are being drawn into an ever-deeper hole.

There is no miracle to get out of this, the solution is simple and involves a lot of self-control and discipline, where understanding this situation is only the first step, because in addition to that, it is also necessary to define loss limits and avoid chasing them, as this is often a recipe for disaster.

[lovesmayfamilis]

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.

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.

[$weetne$$]

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.

Forgetting about your losses and seeing them as a sacrifice that you paid to get some fun will help you to avoid being a gambling addicted player because there is no way that you are going to recover the money that you have lost. Anybody that tells you that they can help you to recover the money that you lost while gambling is lying to you. You just have to move on to the next bet and hope on winning to have more money to continue to enjoy the games that you are playing and not as a means to recover your previous losses. Any gambler that master this habit will be capable of avoiding being addicted to gambling all their life. The minute you start playing to recover, you are playing to lose and the games will punish you severely.

[Oluwa-btc]

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.

Yeah Losses is an inevitable factor in gambling and at such it shouldn't be taken lightly but rather with caution that such habits needs to be minimized, which is to say you can't avoid losses during gambling and you ought to be discipline while playing such addicted games and moreso chasing losses can lure one to being vulnerable to people around them and the society.

[memehunter]

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.

Gambling is a fun activity that does not necessarily lead to addiction compared to drug abuse which has very high chances. One more thing the term gambling can be used for certain positive EV games where you need to build skills (poker, sports betting, etc.) and this category is the sole reason why I gamble (and perhaps promote it). Concepts like 'Loss Aversion' can help those gamblers as they have to frequently go deep into the 'clutches of game/their own psyche' to pull a GTO bluff or make a bet that is against the market odds. This also makes them vulnerable to going on a tilt because of short-term variance (in a long-term positive EV context). Every piece of established good advice can be a of a great importance to these gamblers.
Having said that you are bang on the point of gambling in general (negative EV) and comparing it to drug addiction. I like your analogy a lot (can not resist to bold it out).   

[Tungbulu]

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.

You’re absolutely right!
Sticking to those gambling budgets and limits is always where the problem is, and I think that every gambler is guilty of this, I can remember just how many times I’ve exceeded my weekly gambling limits, but I’ve come to also realize that this doesn’t mean that the gambler is addicted, because even responsible gamblers do this at least once in a while, that’s just part of gambling, but what’s important is that, even if it gets to the point where a gambler will exceed his budget, he should always remember to be conscious so as not to end up putting in money that’s meant for something else because that’s when it gets really ugly, even when you exceed your budget, you should still at least have some level of self control to know when to stop and call it a quit.

[EarnOnVictor]

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.

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.

All these still happen because many people gambling do not understand the context itself, they always want to gain money from it, not even the fun. Fine, some people claim they gamble for fun but in practice, it's a lie and that can always be known in their behavioural attitude towards gambling. While some would start it with fun reasons but lose, they would want to gain back their money and keep on trying to revenge before they let loose their guard and become miserable. This calls for us to set our goals, budget, time limits, management (money and psychology) and plan before setting foot on a casino or opening the platform.

[South Park]

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.

You’re absolutely right!
Sticking to those gambling budgets and limits is always where the problem is, and I think that every gambler is guilty of this, I can remember just how many times I’ve exceeded my weekly gambling limits, but I’ve come to also realize that this doesn’t mean that the gambler is addicted, because even responsible gamblers do this at least once in a while, that’s just part of gambling, but what’s important is that, even if it gets to the point where a gambler will exceed his budget, he should always remember to be conscious so as not to end up putting in money that’s meant for something else because that’s when it gets really ugly, even when you exceed your budget, you should still at least have some level of self control to know when to stop and call it a quit.

It is true that exceeding the limits we have set to ourselves will happen to almost every gambler out there, but it is also true that this could be the first step towards an addiction, and since that is the case, it is important to not minimize its importance, as if this keeps happening to a gambler with some frequency, then it may come to a point in which before they even realize what is happening, they have become addicted, and escaping from that hell is incredibly difficult.

[Zoomic]

If everyone can control themselves, then there will be no one who is addicted to gambling even to play, because basically it is playing to lose, then why do people play? a small number of people play just to entertain themselves but most people will play to seek profit, that's why many people get trapped

Self control is the major weapon every gambler needs to fight gambling addiction or other gambling related problems. Deciding to gamble for fun does not in any way guarantee that the gambler will not get addicted or lose alot of money, I have seen cases where gamblers who are not really full time gamblers suddenly get into trouble after just one time of enjoying the game uncontrollably.

The inability of a gambler to stick to his gambling plan or goals is the major reason gamblers keep getting into trouble and I don't think this problem is not going to get solved anytime soon as long as there is a financial reward there which serves as a motivation to gamblers. The desire to win will always be there to trigger more impulsive decisions.