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Posted July 5, 2019 by Chris in Features
 
 

Why Chasing Your Losses is a Bad Idea

If you’re a gambling enthusiast, you might already be aware of the concept of chasing your losses and the experience of being on a losing streak. But the notion of chasing your losses is a poor decision to make, even if you’ve lost quite a lot of money. Here’s why you should know when to step away from a loss without feeling like you need to keep going in order to win back your cash. 

Before you start any type of gambling or betting activity, it’s wise to set your limit. Whether that’s the amount of time you’re going to play for, the amount of money you’ll deposit or the wagering, these limits help to prevent you from getting carried away – whether you’re on a winning streak or losing. Maybe even take a look at today’s tips for the football, as it will be more likely your losing streak won’t start in the first place. It also stops you from depositing more than you can afford to spend. Many casinos offer the option for a cooldown period of hours or even weeks that players who find they get caught up in the chasing losses cycle should opt for. It helps to get the feeling out of your system and gets you out of the cycle so you can think more rationally. 

Chasing losses is a poor decision because there’s no guarantee that just because you’ve been on a losing streak, that a more positive result is just around the corner. You might get lucky and win back what you’ve lost, but you’re just as likely to lose even more. If you’re at the end of your budget or you’ve had a bout of bad luck and lost everything you planned to spend, then it’s a good time to take a break and stop. 

The best course of action if you’re chasing your losses is to learn how to deal with them rather than chase them. To begin with, it involves picking the right casino to play at and understanding that you shouldn’t start gambling with the intention of making money. Gambling is an activity that should be just for entertainment and not as a way of boosting your finance, as it’s purely based on chance so there’s no way of guaranteeing the outcome. Even if you’re lucky enough to win in the short-term, you should only ever gamble with money you can afford to lose. After all, while some people are lucky enough to win big, there are always more losses at a casino than winners. 

Knowing how to deal with a win is just as important as dealing with loses. If you hit a big win, you’ll no doubt be over the moon, but just as with chasing losses, you might be tempted to try and win big again and there’s no telling how your luck will play out. As with anything in gambling, it’s always a good decision to be mindful of how long you’ve been betting and how much you’ve spent. It’s preferable to stop while you’re ahead or before you lose more than you can afford to rather than get caught in the trap of trying to win back your losses. 


Chris

 
I listen to and write about music!