Gambling. The thought of making quick, effortless money kicks the adrenaline in many.
You win, the dopamine spikes up.
You lose, the guilt trips your brain circuits.
Both ways, either you win or lose, you no longer have the ability to think clearly.
When a person can’t think straight, he won’t be able to make right decision. The problem starts here.
When someone wins, the dopamine is so high that they want to win bigger. They wage big amounts discarding the risk appetite & then the risk plays out & they lose big trying to win bigger.
When someone loses, the tendency to recover the lost money triggers revenge bets. Again, to recover 1x, the wager is usually high. Something like 2x or more. Again high risk & usually higher losses. Remember, the odds are in favor of the house.
Now the wager is 4x in hope of recovering earlier 3x losses… And so on continues where people go to such extent that they bet their entire fortunes to recover previous losses.
It’s just putting good money after bad.
People don’t understand sunk cost fallacy. What’s lost is lost. Rather than accepting that one has failed to win, the ego wants to recover what’s lost & goes to the extent of thinking to make 2x of whatever is lost.
“The Odds Of Winning This Time Are High.”
This dangerous belief is responsible for losing fortunes of gamblers. For decades & centuries.
Tip: Next time you lose while gambling. Take a breath. Step back. Think of the quick highs & lows you felt. Even the drugs fail to make you feel this. Consider this loss as the cost of getting a quick high.
Now get out of this zone. Engage in some different activities. You’ll get over this once you sleep over it.
For starters: You shouldn’t even start in the very first place.
