Losing money is inevitable when betting. However, it is the desire to pursue those losses that causes a minor loss to become a far greater issue. It makes sense at the time: you can win the next one, and you will recoup everything. But pursuing losses hardly ever pays off. Actually, it is among the quickest methods of emptying your wallet and losing your energy.

Emotions take over logic

Chasing losses is not a strategy issue. It is an emotional issue. Anger, frustration, and desperation get behind the wheel, and clear thinking is shoved aside. You begin gambling impulsively instead of making intelligent and considered bets. And when decision-making is fueled by emotions, the losses tend to accumulate even more quickly.

The cycle of “just one more bet”

When you lose, your brain has a natural tendency to correct the error. You say to yourself, ‘’Just one more bet, and I will be even.’’ But a single wager tends to breed another, and another. 

You suddenly find yourself not playing to have fun anymore. But desperately trying to reverse the damage. The fact remains, odds will not change because you lost. Moreover, increasing your bet is not a sure way of turning it around. It only gives you a higher risk.

The spiral into bigger stakes

The other risk of chasing is the habit of increasing the stakes. Betting $50 after losing $50 may not seem like sufficient to salvage it. You wager $100, then $200, hoping you will win more and cancel everything. The reality? Larger bets carry higher risks. When they do not pay off, the financial hole becomes larger and more difficult to get out of.

The impact beyond money

Trying to recover your losses not only costs you dearly but also affects your mental state and relationships. The pressure of accumulating losses may cause loss of sleep, irritability, and guilt. Spouses or relatives can detect the stress, particularly in cases when the bills are not paid or the savings begin to vanish. What started as entertainment soon spills over to other aspects of your life.

How to break the cycle

Don’t allow the pursuit of losses to dominate. These are some of the ways to guard yourself:

• Establish a firm budget in advance. When that cash is spent, move on. It should be one of the expenses of entertainment.
• Decide on a time limit. Stop when your time is due and focus on other things.
• Recognize red flags. When you are angry, desperate, or tempted to make a big splash, then step back.
• Know when to seek help. When you realize that you cannot stop chasing it, get therapy for gambling addiction. A visit to a professional or confiding in a loved one can really help.

Concluding thoughts

Betting involves losses. But the pursuit of these losses is guaranteed to transform an otherwise manageable loss into a financial and emotional disaster. It might be hard to walk away. But it is the wisest and safest thing you can do.