What It Means to Chase Losses Chasing losses is what happens when emotion overrides logic. It usually kicks in after a tough loss when instead of stepping back, you double down. You tell yourself that the next bigger bet will bring it all back. It rarely does. This behavior is driven by a false belief: […]
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What Counts as a Near Miss In gaming and gambling, a near miss is when you almost win but don’t. You line up two cherries on the slot machine, the third just slips past. You scratch off three numbers, and two match. Your team leads all game but loses in the final seconds. These moments
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Why Your Feelings Impact Your Bets Emotions play a major role in decision making, especially when money and risk are involved. In betting, the psychological high and low of wins and losses can quickly lead to irrational behavior. Emotional Thinking vs. Rational Betting Understanding the difference between emotional and rational thinking is key to staying
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Understanding Near Misses Near misses, events where success is just out of reach, strongly impact our emotions and behaviors. Research by psychologists shows that near misses often heighten motivation and performance. When people come close to a goal, like just missing a winning lottery ticket, they experience a mix of emotional arousal and frustration. This
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Understanding Gambling Gambling involves risking money or valuables on events with uncertain outcomes. Common forms include casino games, sports betting, lotteries, and online gambling. While gambling can be entertaining, it can also lead to addiction and financial troubles if not managed properly. Types of Gambling Why People Gamble People gamble for various reasons: Gambling Risks
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Understanding Cognitive Biases Cognitive biases are systematic patterns of deviation from norm or rationality in judgment, and they often affect gambling decisions. They’re mental shortcuts our brains use to process information quickly but sometimes lead to errors. Types of Cognitive Biases Several cognitive biases influence gambling behaviors: Impact of Cognitive Biases on Gambling Cognitive biases
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Understanding Emotional Control Emotional control involves recognizing, managing, and responding to emotions effectively. When I gamble, understanding my emotional triggers is crucial. Triggers include excitement, frustration, and anxiety, all of which can influence my decisions. Clear cognition helps separate feelings from facts. For instance, I must distinguish between genuine opportunities and impulsive actions. Emotional control
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Understanding The Gambler’s Fallacy The Gambler’s Fallacy refers to the erroneous belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa. This fallacy can be especially misleading in games of chance where each event is independent of previous events. One common
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What Is Compulsive Gambling? Compulsive gambling, or gambling disorder, refers to the uncontrollable urge to keep gambling despite the negative consequences. This disorder affects 1-2% of the US population, according to the National Center for Responsible Gaming. Key Characteristics Diagnostic Criteria The Diagnostic and Statistical Manual of Mental Disorders (DSM-5) outlines specific criteria for diagnosing
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