We all know that most gamblers do lose in casinos. So why are people still risking their hard-earned money without the guarantee they’ll win? Gambling is a business and its games have been designed specifically to ensure that the house always comes out ahead. Yet people keep on gambling and taking risks when playing. Whereas others are playing beyond their means, and causing their lives to fall apart. So, what are the reasons why people are playing? In this post, let’s address this issue, and answer it intentionally.
Risk-Taking
This is one of the reasons why people do gamble. It is human nature to get excited when taking risks while it carries the positive emotion gained by gambling. Taking risks gives us a sense of excitement that produces a natural high, a rush of adrenaline, a sensation that many of us are looking for fun and entertainment. A sensation some people would not be able to live without. Because it’s exciting to take risks. As simple as that. Therefore, in gambling they take risks.
Gamblers Fallacy
People often believe this mistake, thinking that past events will influence future scenarios happening in a random sequence. That false belief among gamblers is very common when gamble. This is another thought error behind the motivation of gambling that leads people to false expectations of predicting or influencing the outcome of a chance game. The fallacy of the gamblers could lead the persons to continue investing in a game of chance even after suffering terrible losses thinking they would win.
Aversion to Loss
Losing isn’t gratifying. The inclination to place a bet quickly after a near-miss has more to do with gambling failure disappointment than the anticipation of a potential win. Gamblers will position another bet in hopes that the unpleasantness of frustrating loss will be appeased by an inevitable victory. Another thing is that gamblers who have suffered significant losses will often continue to play games, not for the thrill of winning, but rather an attempt to recover what they have lost, failing to recognize how unlikely this strategy is to succeed.
Partial Reinforcement
A reinforcement schedule whereby after some time a reward is received. People don’t expect to win all the time in partial reinforcement but they expect to win some of the time. Therefore, when they encounter a loss or string of losses, it doesn’t come with any big surprises, as it just counted as part of the game. Therefore, gamblers expect to be reinforced some time, and it is this expectation that motivates them to continue, the belief that they will be lucky next time. Despite that, they can never be sure which bet will yield rewards, but they believe their patience will pay off if gamble long enough.
Illusion of Control
While gambling activities are often performed by chance alone, many gamblers mistakenly believe they have some control over the outcome. Therefore, they could be doing some rituals before the game starts. Knowing that acts they are doing will increase their chances of winning the game. Hence, people are more likely to engage in an activity when they believe they can affect its outcome. Therefore, the illusion of power drives gamblers to continue their efforts to win the game.
Availability Heuristic
It explains the gamblers ‘ propensity to overestimate the probability of an event simply because it comes to mind with ease. Thus, gamblers may overrate the likelihood of experiencing similar casino winnings because they have vivid memories of those rare success stories. Despite the odds against them when they gamble, their mistaken logic leads them to believe they have a better chance of winning the game.
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