What is chasing losses?

The excitement of winning when gambling can be strong, and it might make people take risks they wouldn’t normally take. Have you ever felt like you’re just one hand away from a big win? Or that the next game will make up for your losses? If so, you might be caught up in what is called “chasing losses”.

What does it mean to chase losses?

Chasing losses in gambling is when people increase bets or change strategies to recover money they’ve lost. This occurs because people believe a big win is around the corner and with each loss, the urge to recover their earlier losses gets stronger.  This way of thinking can lead to real financial and emotional troubles, making it a slippery slope to avoid.

How to recognize the signs of chasing losses?

Recognizing the signs of chasing losses is the first step in lessening its impact. Being self-aware is crucial, and those who recognize these signs in themselves or others can take steps to address teh underlying issues and break free from the cycle.

Signs you're chassing losses:

• Increasing bets quickly after losing
• Feeling frustrated, anxious or desperate
• Hiding gambling habits from friends and loved ones
• Friends and family might notice mood swings or secrecy about gambling

What are the risks of chasing losses?

• Financial consequences: Chasing losses can lead to betting more money, putting individuals and their families at risk of losing even more. Trying to recover losses can create a harmful pattern, potentially impacing your savings, bills and overall financial stability. 
  

• Emotional toll: Chasing losses can have a big emotional impact. Stress, anxiety, and frustration from multiple losses can have a negative impact on mental well-being, potentially leading to depression and other mental health difficulties.

• Compulsive gambling: Chasing losses can become a habit, making it harder to control gambling. This can lead to compulsive behavior and even gambling addiction.

• Strained relationships: Financial and emotional stress caused by chasing losses can take a toll on relationships with friends and family, leading to conflict and neglect of personal responsibilities. 

If you're looking for ways to stop chasing losses, focus on setting limits, taking breaks, and understanding the odds of the games you play. Seeking support from trusted resources like GameSense Advisors can also make a big difference. For more strategies and tips, visit our page "Take Back Your Control".