What is it?
We have a tendency to expect that we will win at gambling. Related to this is chasing, which involves the belief that you can win back money you have previously lost gambling. Almost all people who experience difficulties with their gambling chase their losses.
Why is it a problem?
There is an element of truth to the chasing trap. This is because continuing to gamble may seem like the only way to get back your losses. But this thinking trap results in a vicious cycle of gambling.
What’s the real story?
So if you chase your losses, you’ll just end up losing more because of the “house edge”. This is the cut of money being gambled taken by gambling operators. The problem with the house edge is that the longer you play, the more you will generally lose. If gambling games are profitable for the gambling industry, then they can't be profitable for you.
Take a look at this 45 second video on the house edge:
The chasing thinking trap causes problems, regardless of whether you win or lose. If you win, the belief that you can win is strengthened… and you’ll continue to gamble to win more money. If you lose, you will continue to gamble in an attempt to win back money you have previously lost. Either way, you will keep gambling and inevitably lose because of the house end. Take a look at how much you money you have spent [1b] recently… are you winning or losing overall?
What are some alternative thoughts?
So now we need to identify some alternative thoughts. Choose the one that works best for you …