How Best to Mentally Deal with Gambling Loss

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Gambling Loss. Image Credit: Shutterstock

Winning is fun, but losing is a whole different story, and knowing how to deal with gambling loss rationally is crucial for your mental health.

Estimates indicate that Americans lose over US$120 billion annually on both legal and illegal gambling.  While a large chunk of overall gambling loss can be attributed to high rollers with money to burn, there are those gamblers who lose money that they can’t afford to part with.

So, what should you do when you squander a significant sum of money on gambling, and what is the best what to cope with such a loss? Here are a few steps you could take to minimise your losses:

Take a Break from Gambling

If your losses begin to pile up, seeking to solve the issue by gambling some more is not the answer. While you might shudder at the idea of stopping with gambling altogether, it is wise to take a break if you suffer a sizeable loss. Of course, if you embark on such a break, you shouldn’t just sit around the house but get out and get active.

Join an amateur sports team, become a gym member, or start a hiking club. You need something to replace the kick you get from gambling, and physical activity could be just the thing that you need. However, if you are not an exercise-type person, you could always do something else to keep you busy, like playing strategy games or having a hobby, such as gardening.

These activities may not give you a buzz that gambling does, but they will keep your mind off wagering. Even taking a break for a couple of months may help you improve your brain skills over time.

Establish Goals for Losing and Winning

If you have decided to go back to the casino and play a different game, the next step would be to establish goals for yourself. In other words, set your limit for games where you are winning, and decide how much you wish to win before you retire for the day.

Also, ask yourself how much you can afford to lose each day before you walk away. You must have these goals firmly set before you make your way back to a casino. In addition, you may wish to spend some time away from gambling by getting a bankroll together for when you decide to start playing again.

In this new frame of mind, you should open a bank account separate from your existing accounts, which will be used exclusively for gambling. If you have a different gambling account, you won’t be tempted to dig into your other ones. If you stick to using only what is in your gambling account, then you’d lose only what you can afford to lose.

You also need to become candid with yourself about the amount of money you’ve won or lost. Keep a record book of your game results. There are also computer programs and apps to keep track of your gambling stats. Charting your wins and losses over time will help you figure out your winning patterns, and should you play multiple games, which ones you are better at.

Rethink Your Gambling Habits

Once you have a budget, you’ll need to determine how to get the most bang for your buck, which means you need to start from scratch. Go back and analyse each form of gambling you have tried. Which ones were you most successful with? On which ones did you lose the most money? Where were your best performances?

Perhaps you should learn a new game? If you are considering this, spend some time devising a new strategy. Study the game you wish to play, know it back to front, and practice until you are sure that you can play well. Following sufficient practice, play the game with your friends for additional prep. With repetitive play and a thorough strategy, you may find that a new game is better suited to you than the games you played previously.

Picture of Bojan Lipovic - Digital Project Manager

Bojan Lipovic - Digital Project Manager

Besides polishing his SEO skills, Bojan has a penchant for creative writing. With over half a decade of experience in the online gambling industry under his belt, his written take on the latest news from the Canadian and global gambling industries is an indispensable source of information for the CASINOenquirer team. Bojan’s primary goal is to ensure that players get a superior experience through the top-notch content that he shares.

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