What Is ‘Chasing Losses’ In Sports Betting?
Chasing losses is a behavior commonly associated with problem gambling, where an individual continues to gamble with the aim of recovering money lost in previous bets.
Some gamblers refer to this as “getting out of the hole.” While a bettor may initially be successful in recovering lost money, this behavior likely signals a gambling problem. You should never gamble for more money than you feel comfortable losing.
Chasing losses is common because sports betting apps are addictive by design.
This behavior can lead to a vicious cycle for several reasons:
Compounding Losses: Instead of stopping after a loss, a gambler who is chasing losses may increase the size or frequency of their bets in an attempt to win back their money. This often leads to further losses, increasing the overall deficit.
Impaired Judgment: The emotional state associated with losing can impair judgment, leading individuals to make more risky or ill-considered bets than they would under normal circumstances. For example, a sports bettor may try more parlays with very low odds of success to recover losses from straight bets, such as the moneyline or spread.
Financial Strain: Continuously chasing losses can lead to significant financial problems, including debt, as the individual spends more money than they can afford in the hope of recovering their losses. The desire to chase loses implies that a bettor is wagering for higher stakes than they feel comfortable.
Addictive Behavior: Chasing losses is the sign of a full-blown or developing addiction. This pattern is often a hallmark of problem gambling, a compulsive behavior where the act of gambling itself becomes more important than the financial outcome. Gambling in this way means you are gambling until you lose with little chance of being a winner.
Emotional and Psychological Impact: Chasing losses can also have a severe emotional and psychological impact, leading to stress, anxiety, and depression as the cycle of losing and attempting to recover losses continues.
Recognizing the signs of chasing losses is crucial for addressing gambling behaviors.
Strategies to break this cycle include setting strict limits on gambling, seeking support from friends, family, or professionals, and potentially abstaining from gambling altogether.
If you find yourself chasing losses, setting a budget might not work for you. You already have developed a behavior that is the hallmark of a gambling problem.
We recommend betting abstinence if you have struggled with the desire to chase losses.
Image by Mohamed Hassan from Pixabay.