As fun as online slots are - and they are admittedly very entertaining - they remain, ultimately, games of chance. Gambling, in other words. This is a fact many might end up forgetting, especially as modern video slots dazzle the player with brilliant visuals and audio that make them look more like regular video games than run of the mill slots. But this is something of a risk, as in turn it may lead to players chasing their losses in a desperate hope to get at least some of their money back, in hopes of recovering money lost.
We’ve described how chasing losses is a risk, and we’re not using this term lightly. Chasing one’s losses might make sense in the heat of the reel-spinning moment, but it can quickly turn into risky behaviour if unchecked. So join us as we tell you all about this behaviour and how you can avoid it for more responsible spin gameplay.
What Does “Chasing Losses” Mean?
Before we get into how to avoid chasing losses we believe we should first explain what this actually involves. Here we’re using it to refer to when one keeps on gambling as they try to get back some of the money they lost while playing a slot. This behaviour may lead to an increase in the size of the bet due to a belief that the next spin will be the one that brings a big win.
Let’s say that a player lost £100 on a slot, and believes that betting another £100 may lead to their winning a jackpot. This belief, as well-meaning as it is, is based on purely flawed logic. Slots are, at the end of the day, games of pure chance. Each slot is truly independent from the ones before it, and the amount you spend on a game does not affect your chances of getting a win. In other words, there’s no such thing as being “due a win.”
Sadly many players lack this knowledge, and continue to believe that their persistence on a slot will some day pay off. Such behaviour leads to cycles of frustration as the player makes bigger and bigger bets and, as a result, faces bigger and bigger losses. What starts as a mere attempt at breaking even may become a session of reckless gambling driven by emotion, not logic.
Why is it so Tempting to Chase Your Losses?
We’ve described chasing one’s losses as essentially irrational behaviour, so why do we still end up doing it? First off, humans run mainly on emotion, not cold logic. Second, UK online slot games are specifically designed to encourage such behaviour. For instance, they can give one the illusion that they’re controlling the results of a spin when, in fact, there’s nothing of the sort. This is done through animations that imply that pressing the button at the right time will help decide which symbols on the reels will land. In fact nothing of the sort happens - as mentioned earlier, slots are purely random, and are actually audited by specialised agencies to ensure the results of their spins are truly random.
Games further reinforce their engagement with players through a number of other ways. The visuals are a big part of this, both through the bright visuals and appealing themes and the way the games are animated. Sometimes a slot’s reels will show a near miss to suggest that maybe, just maybe, you’ll get a winning spin next time. This tricks the brain to keep on placing bets in the hopes of winning, even though as mentioned there’s no guarantee something of the sort will happen.
While games are designed to have the player keep on playing, there are other issues that may lead to a player chasing their losses. One of these is the gambler’s fallacy. We’ve actually mentioned this one before, as it’s the belief that past outcomes will affect present results. A player might end up thinking “I’ll get a win soon!” after a series of losing spins, as if the spins’ results weren’t ultimately random. The increasing losses may then bring about an emotional response, with a combination of disappointment, frustration, and anger leading the player to keep on playing and, alas, losing.
The Dangers of Chasing Losses
The most clear danger of chasing one’s losses is, perhaps obviously, the financial one. It’s no exaggeration to point out that gamblers may end up in financial ruin and debt if they keep on insisting on playing slots. This is due to their increasing their stakes in the often vain hope for a bigger win, which is then followed by dipping into savings and, unless the habit is kept unchecked, ending up in debt. Chasing losses often leads to one losing sight of their finances, and in turn this can bring about financial desperation as one places bets they cannot afford.
Financial desperation leads to massive emotional distress, turning slots from a fun pastime to a nerve-racking experience. Each bet involves one placing everything on the line, and a loss leads to further distress. Such stress will sooner or later spill out into regular life, as one ends up losing sleep and souring their relationships due to increasingly negative moods. And how does one try to negate these foul emotions? Through more gambling, typically. This is a destructive cycle that can lead to addiction, as gambling is associated with relief from the aforementioned negative emotions which, let’s not forget, were brought about by placing bets in the first place.
How to Avoid Chasing Losses
If you’re worried that you too might end up chasing your losses while playing slots then we have some good news - you can indeed avoid this behaviour. Follow these points and you’ll be playing slots safely and responsibly like so many other people here in the UK and elsewhere:
1. Set a Bankroll and Stick to it
Always set a bankroll for playing slots. You can think of this as your gambling budget for the day, week, or month. It’s important to stick to this bankroll and once it’s finished then that’s it, you can’t play for the rest of the period the bankroll covers.
2. Make Small Bets
This ties in with the first point. Make small bets so that your bankroll lasts longer. This way you won’t get frustrated if the slot’s reels lead to losses for the evening, as you’ll still get a relatively longer play session while still sticking to your budget.
3. Set a Loss Limit
All reputable online casinos allow you to set different limits for your play sessions. One of these is a loss limit. This stops you from playing once you lose a set amount of cash. This way you’ll always think of playing slots as entertainment, rather than something through which you can make a profit.
4. Seek Help is Required
If you recognise the symptoms of problem gambling through chasing your losses then it’s important to step away from the games and seek help. There are a number of organisations that offer such aid here in the UK, including GamCare, Gamblers Anonymous, and GambleAware.
Play Safely and with Peace of Mind
Slots should be fun, and certainly not something that brings emotional and financial distress. As such, remove the belief that you can “win it back” from your mind before you start playing. Set firm limits on your budget and losses, and always be aware of your emotions while spinning the reels. This way your sessions on the slots with Slingo can bring the biggest win - the knowledge that you can step away at any time with your peace of mind intact.
