The Dangers of Chasing Losses in Online Betting
Chase losses is a risky online betting behavior that can result in both financial and emotional problems. When an unsuccessful bet results in increased betting size in order to try and make up for losses, this behavior often increases bet sizes to compensate.
Recent research employed a behavioral tracking dataset to compare the effects of outcome valence, chasing expression (quit probability and amount bet), and immediate versus cumulative outcome timeframe on within-session chasing behaviour.
It Can Lead to Compulsive Behavior
Chasing losses is a dangerous practice that can quickly lead to compulsive gambling. It occurs when an addict attempts to recover losses by placing more bets, hoping they will win it all back – leading to an endless cycle of loss and gain which ultimately causes financial and emotional hardship for themselves and their loved ones.
This study is the first of its kind to use a novel computerized task to investigate the relationship between chasing and gambling severity, craving, affective decision-making styles and decisional styles among adult habitual gamblers, providing unique insight into its complex nature. A hierarchical regression analysis with ChasIT total score as the dependent variable and gender, age, education experimental condition gambling severity craving GDMS Dependent style as independent variables was performed to identify predictors of chasing frequency.
Findings from this study indicate that metrics designed to assess chasing losses within sessions are more indicative of high-risk gambling than metrics based on account depletion or frequent depositing sessions, underscoring the importance of creating accurate and precise loss metrics in online gambling research.
It Can Lead to Financial Problems
Chasing losses in sports betting can quickly turn into financial issues for both the gambler and their family, potentially forcing individuals into bankruptcy due to gambling debts or even professional help being required to resolve them. Furthermore, it places additional stress and strain on family relationships while further diminishing income and savings sources which then force reliance upon high-interest loans such as credit cards.
Gambling losses and chasing behavior are often tied together, with diagnostic or screening items for disordered gambling often asking whether someone returned the next day in order to ‘get back’ their losses1. Yet it remains less acknowledged that people can pursue wins as well as losses by returning multiple days a week until their loss has been made up1. Previous research using account-based or behavioral tracking data to examine within-session chasing patterns found that gamblers were more likely to continue gambling as a function of immediate loss rather than cumulative losses; they also increased bet amounts as winners rather than quitting5.
It Can Lead to Emotional Problems
Chasing losses is a telltale sign of gambling addiction. This cycle can lead to emotional trauma, financial ruin and legal trouble; furthermore it often results in damaged relationships and the neglect of personal and professional responsibilities.
Gamblers trying to recover losses often make hasty decisions in an attempt to win back lost funds, placing larger bets than usual and taking drastic measures such as placing larger wagers than usual – leading to financial and mental health problems, straining relationships, and leading to stress. These behaviors can cause both serious harm financially as well as mentally, straining relationships further while leading to stress-inducing behaviors.
Chasing losses is also a telltale sign of alexithymia, an emotional processing condition associated with poor emotional processing. Studies have revealed that people with alexithymia tend to engage in riskier gambling behaviour such as chasing losses while gambling due to difficulties recognising their emotions, which in turn impedes decision-making abilities. Therefore it is crucial that breaks and attempts at clearing your mind are taken in order to stop this cycle of losses from repeating itself.
It Can Lead to Addiction
As gambling problems worsen, individuals may become fixated on winning and begin focusing solely on gambling, even at the expense of work and sleep. Their behavior may interfere with daily tasks like work and sleep causing anxiety and stress levels to spike; as well as diminish their enjoyment for activities like hobbies or spending time with friends resulting in financial issues as well as strain in relationships.
One telltale sign of gambling addiction is “chasing losses.” This occurs when an individual bets more to try and recover losses from previous bets, leading them to spend beyond their means and put themselves in serious financial peril. This practice can have lasting repercussions both mentally and financially.
Chasing losses may lead to illegal acts that fund gambling addiction, including theft, embezzlement and fraud. Such illegal behavior may have serious legal and personal repercussions – even prison sentences! Furthermore, they increase risk for mental health conditions.
