Tip Tuesday: Don’t Chase Losses

When played responsibly, gambling can be an enjoyable source of entertainment for many people. Every other Tuesday, we’ll share a tip that will help you play it safe when you choose to gamble.

Today’s Tip: Know When to Quit; Don’t Chase Your Losses

Playing cardsLast month, we talked about the importance of setting and sticking to limits. Today’s tip reinforces that message by encouraging you to know when to stop playing.

Like trying out a new restaurant, taking in a movie, or catching your favorite band, responsible gambling can be a fun social event. And like other social events, it’s important to set a budget on how much you can afford to spend.

When you’ve reached your limit on time or money budgeted, stop gambling. And don’t ever think that you can win back the money you lost. That’s called “chasing losses” and is a sign of problem gambling.

You may rake in some winnings at first, but eventually you’ll start to see the losses piling up. After each game played, the odds reset, so what happened in the past has no impact on your next game. In the long run, you’re going to lose.

So the next time you play, be ready to lose. You won’t worry about the money lost because it will be money budgeted for recreation.

Play it safe with more low-risk gambling tips. If you think that you or a loved one may be experiencing problem gambling behavior like “chasing your losses,” the Problem Gambling Helpline, 1-800-GAMBLER (1-800-426-2537), is available 24/7 for free, confidential support.