Chasing losses in gambling is referred for situations where players persistently gamble to compensate for their previous losses. This action is mainly characterised as loss of control in the game and poor judgement. It further worsens the state of affairs players are in the game, right then. Such undesirable outcomes can lead to further detrimental effects that also affect outside the gaming zone.
Chasing Losses Creates A Cycle Of Further Losses And Affects Mental Health
Chasing loses not only creates an imbalance in the budget but also has a depreciating effect on mental health. Continuous persistence towards recovering the lost amount can lead to anxiety, stress, and panic. Investing more money and taking unwarranted risks will not only make casino gaming a risky ordeal but would also push the players in an undetermined cycle of losses.
Avoid Chasing Losses And Enjoy Gambling
Avoiding chasing losses boils down to being practical with finances, keep a check on emotions and play mindfully. The spiralling nature of chasing losses can be avoided with a few simple tips as discussed further.
a) Be thrifty with money
Strategically planning your budget is essential to avoid chasing losses. It is natural to think that money can be earned back or can be loaned from others. The golden rule is to not spend more than planned regardless of the player’s financial affordability. One should only spend as much as logistically planned according to affordability to avoid panic and stress.
b) Take a break from your emotions
It’s natural for many players to be emotional hence, avoid pride, guilt, ego or self-doubt when gambling. At the moment, it generally seems logical to bet more and increase your wager. But players should take a step back and take a break from these impulses and feelings. Taking a break from such impulses and emotions will not only be helpful but would give time to devise a new improved game plan. Players shouldn’t seek for winning results rather focus on planning ahead and playing wisely. If possible, reconsider the bet, change the wager, the games or adjust the game plan according to the occurred loss.
c) Luck and maths go hand in hand
Some players start feeling unlucky that leads to chasing losses. Sometimes players forget that gambling is also about numbers, probability and variance which has an indirect relation with luck but a direct relation with maths and logistics. Avoiding thoughts like a superstitious belief will change the luck next time can be of no help as it is uncertain.
d) Don’t obsess and make correct decisions
Players tend to be obsessed over winning even when continuously losing rather than taking a step back. The players increase their wager to recover losses. It is recommended to take a step back and think about the additional losses occurring due to this obsession and its adverse impact on finances. Take time to re-evaluate and avoid impulsive decision-making when the obsession of recovering your loss hits.