In the eyes of many people, including most gamblers, gambling is a game of luck and strategy with limitless profit potential. However, beneath the glam and glitter lies a powerful driver – emotion. With real money involved, the frustration of losing is more heightened, and the anticipation of the next big win becomes a powerful obsession. These emotional swings often lead to irrationality and impulsive behavior, where the urge to recover losses or chase a massive win overrides all logic.
To make the most of your gambling experience, you need to acknowledge and understand the psychology of gambling. In this article, we will look at the various cognitive biases that influence the minds of gamblers and how to identify them. We will also explore how you can overcome emotional gambling and take back control.
Why emotional betting is a problem
Emotional betting is basically when your gambling decisions are led by excitement, frustration, anger, or desperation instead of logic. It is a huge problem for most gamblers and often leads to huge losses in the short term and gambling addiction in the long term. Gambling addiction is so bad that it is now medically known as gambling disorder, and is listed in the Diagnostic and Statistical Manual of Mental Disorders (DSM-5) as a mental health disorder.
One particularly concerning thing about emotional betting is that it is increasingly affecting younger people, primarily people in their early 20s and even underage kids. This has been mostly fueled by the rise of online casinos, many of which do not put in place safeguards to prevent problem gambling.
Additionally, emotional betting can be financially draining for both the player and their family members. In extreme cases, some players end up selling household items and even taking loans to gamble with. What’s more, emotional gambling is increasingly associated with other mental disorders, such as mood disorders, anxiety disorders and even personality disorders.
The Impact of Winning and Losing Streaks on Decision Making
Winning and losing wagers can considerably affect your decision-making processes. This is because betting also has psychological effects, with your brain releasing a hormone called dopamine whenever you place a bet. The dopamine release gives you strong feelings of euphoria and excitement. Over time, you start to crave these feelings, and depending on the outcome of your bets, you may abandon logical thinking in chase of the emotional high.
The most common trigger of emotional betting are losing streaks. This is especially so when a player loses a huge chunk of their bankroll. In such a case, the player may get overly frustrated and place higher wagers in an attempt to recover their losses. They may also be driven by the belief that the next play will be a win. Unfortunately, this is often wishful thinking, and the end result is almost always bigger losses and further deterioration in emotional well-being.
As unlikely as it sounds, winning can also trigger emotional betting. In particular, many players usually become overconfident after big wins, and start assuming that more winnings are just around the corner. The heightened sense of euphoria can negatively affect a player’s gambling psychology and cause them to make riskier, more reckless bets. What’s more, when the inevitable losses occur, the player is left even more frustrated or angry, potentially pushing them further into a cycle of irrational gambling.
Cognitive biases that affect gamblers
Cognitive biases, which vary from person to person, also play a major role in shaping the psychology of gambling.
The gambler’s fallacy
The most common type of bias is the aptly named gambler’s fallacy. This is the belief that one can easily predict future happenings by looking at past outcomes.
The gambler’s fallacy is extremely common among players experiencing long-losing streaks. Such players often start to believe that they are certainly “due” for a big win soon, since they consider their losing streaks to be temporary setbacks.
Consequently, they abandon all logic and start placing bigger wagers or playing more games in the hopes that they will inevitably be lucky. Unfortunately, every play at a casino is independent of past plays, and all results are random. As such, it is possible to have a losing streak that goes on until you lose your entire account.
Confirmation bias
The second bias is not unique to Kenyan gamblers, but it also contributes significantly to erratic gambling. It is called confirmation bias, and it occurs when players are only willing to focus on information that supports their beliefs, ignoring all other data.
For instance, a player who thinks they are an expert gambler may choose to pay more attention to their winning bets and ignore their losses. Hence, they will look at repeating their previous actions that led to the wins. This may not always work, as some wins may have been based on luck and not skill.
Illusion of control
As one gains more gambling experience, they may start to develop an illusion of control, which is another type of bias with potentially negative effects on gambling psychology. Gamblers with illusions of control believe that they can influence the outcomes of their plays by doing things like choosing odd or even numbers or pressing a slot at the “right” time. These ideas are usually derived from online forums and social media, and lead players into believing that they are more in control than they really are. The false sense of control can drive riskier behavior, with negative financial and emotional consequences.
Strategies to stay rational when betting online
Despite everything, it is still possible to overcome your emotions and remain rational when betting online. You can achieve this by fostering a high level of discipline and self-awareness.
Cultivate discipline
The first step to becoming more disciplined is to have clear limits on how much money you will risk per gambling session. Stick to these limits no matter what, and do not make new deposits until your next scheduled session.
Take breaks
Additionally, you need to take regular breaks to reset your focus. Staying on the screen for long periods leaves you more susceptible to emotional decision-making and making unnecessary gambles. During your breaks, consider doing a physically taxing activity like going on a walk, doing push-ups, or going to the gym. Such activities do not only clear your mind, but also help to regulate your emotions.
Bankroll management
Most importantly, always remind yourself that online gambling is purely based on luck and not skill and that the saying “the house always wins” is true. There is simply no way to beat the system. Instead, focus more on learning and practicing effective bankroll management strategies to ensure your losses remain small. It will be hard to be frustrated or disappointed if you maintain a realistic perspective and do not take big risks.
FAQ
The best psychological trick to prevent erratic gambling is to practice mindfulness techniques like meditation and deep breathing before every gambling session. These help you stay more present and regulate your emotions.
If you feel like your emotions are starting to affect your decisions, immediately switch off your screens and take a walk outside. We also recommend calling a trusted friend and talking to them about your challenges. They do not have to be a gambling expert, they only need to listen to you. If those don’t work, do not hesitate to seek support from a gambling helpline.
There are certain emotional triggers that can affect your state of mind and lead you to gamble more. These include stress, boredom, excitement and sadness. When experiencing these feelings, you may wish to use gambling as an escape, which is not exactly healthy.
