What does it mean to chase losses?

Chasing losses in gambling is when a player increases bets, change strategies or play beyond their limits to try and recover money they’ve lost. This behaviour stems from the belief that a big win is just around the corner and with each loss, the urge to recover their earlier losses get stronger. This mindset can lead to significant financial and emotional difficulties, making it a slippery slope to avoid.

How to recognize the signs of chasing losses?

Recognizing the signs of chasing losses is the first step in lessening its impact. Self-awareness is crucial and those who recognize these signs in themselves or others can take steps to address the underlying issues and break free from the cycle.

Signs that you might be chasing losses:

• Rapidly increasing bets after losing
• Feeling frustrated, anxious or desperate
• Concealing gambling habits from friends and loved ones
• Friends and family noticing mood swings or secrecy about gambling

What are the risks of chasing losses?

• Financial consequences: Chasing losses can lead to betting more money, putting individuals and their families at risk of losing even more. This harmful pattern can impact savings, bills and overall financial stability.
• Emotional toll: Stress, anxiety and frustration from multiple losses can negatively affect mental well-being, potentially leading to depression and other mental health issues.
• Compulsive gambling: Chasing losses can become a habit, making it harder to control gambling behavior, which can lead to compulsive gambling and even gambling addiction.
• Strained relationships: The financial and emotional stress caused by chasing losses can strain relationships with friends and family, leading to conflict and neglect of personal responsibilities.

If you're looking for ways to stop chasing losses, focus on setting limits, taking breaks and understanding the odds of the games you play. Visit a casino or racing entertainment centres GameSense Advisor for more information about the games or tools and resources to make sure gambling remains a form of entertainment.