Chasing losses in gambling is among the fastest ways of depleting your money. It is a dangerous strategy that often leads to turmoil. The top ten biggest casino losers have one thing in common, an attempt at chasing their losses that led to a bigger hole for them. This behavior involves placing more bets and higher bet amounts than usual to win back what you previously lost. It is man’s instinct to try and bounce back after a big fall but this doesn’t work. This is why it is labeled the gambler’s paradox.
Online casinos have tried hard to promote responsible gambling. When you go to online casino ice, you will find a section dedicated to keeping gambling positive. Most casinos are doing the same to keep gambling clean. However, chasing losses has been reported to be one of the behaviors that lead to problem gambling and addiction. Staying away from it significantly decreases your chances of ever losing control.
Lovers of all kinds of casino gaming can fall victim to this. It doesn’t matter whether you are a sports bettor, roulette enthusiast, or a slots fan. The emotional impact of loss is the same so there is always that temptation to chase losses. Let us find out why the habit never pays off:
The Risk is Higher
Chasing losses usually start after incurring a big loss in gambling games. Hence, victims generally try to bet higher amounts or place more wagers to recover the money. The resultant effect is bigger losses in a very short time. Gambling is meant to be for fun and entertainment. However, when this happens, it becomes a business-like venture where you put money expecting a return on investment. Also, it could push you to invest more money than budgeted. Can you imagine that you had made your initial deposits, and perhaps some wins, and lost them all? Then, you end up depositing more to cover that. This will negatively impact your finances eventually leading to problem gambling. The emotional stake is also higher, so it takes control leading to more erratic decision-making.
The general definition of problem gambling is betting more than you had planned. As a result, you will not fulfill other serious obligations like rent, school fees, utility bills, and others. This will result in stress, anxiety, divorce, and more which taints gambling as a vice.
The Game Probability Is Against It
It is common knowledge that the house always wins. It doesn’t matter whether you are playing in a land casino or an online casino, this rule must apply. Gambling is a business and the aim of such a venture is to make profits. It would be worthless if the contrary was true. This is usually determined by the RTP. This is a theoretical value that states how much a game will pay off after a certain amount of rounds in the long round. For instance, a 98% RTP states that for every $100 spent over a long period, the casino will pay off $98 to all winners.
This cannot be used to predict your wins because it is an average of thousands of spins, so it will be inconsequential in a short span. Some games have higher RTPs while others are low. Another critical factor is the variance that states the behavior of the game. A low-variance game has small frequent wins while high-variance games give big wins less frequently. Since the house always wins, the probability of chasing losses and emerging victoriously is hard because the rule still applies. However, these games are fair. The player or the casino can’t manipulate them to their favor. It is only by design that the house must win so you must ensure that you don’t lose big in the process.
Emotional Decisions
Chasing losses is usually an emotional decision. It is hard for humans to accept it, so whenever you lose, you try to find a way to recover both your money and your psychological well-being. Emotional decisions are often unreasonable and could result in playing styles that result in a longer losing streak. This could be higher bets, more rounds, risky strategies, and unusual game choices.
Casino games are designed to appeal to your emotions. It will always look like it was so close to awarding a win before it went the wrong way. As a result, you will be tempted to make the next spin since your chances of winning are higher.
This emotional impact is much bigger when chasing losses. It is important to note that there is no relationship between the outcomes of one round to the next or previous round. Hence, following patterns or branding games as hot or cold is a fallacy. To avoid chasing losses, you should do the following:
● Set a budget and stick to it,
● Know when to stop playing,
● Avoid credit cards and extra cash to limit access to more money,
● Stick to your strategy.
These tips will allow you to keep gambling positive. You should always stay in control and use advanced measures like self-exclusion and deposit limits. It is crucial to keep gambling clean. Chasing losses is a bad strategy that never works. The house always wins, so the probability of winning is low. The high emotional stake involved and the willingness to take bigger risks make it even harder to succeed. Stick to the positive strategies and accept your losses when they happen since it is always a possibility!
