Why do people gamble even when the risks are high?

Question

What drives people to gamble large sums of money or even their entire fortunes, despite the high risks involved?

Answer 1

People are driven to gamble even when the risks are high due to the psychological effects of the 'scarcity loop' and the excitement of potential rewards. The unpredictability of gambling outcomes and the possibility of a big win can be thrilling and can hijack the same reward pathways in the brain that evolved to help us survive. Additionally, phenomena like 'near misses' and 'losses disguised as wins' in gambling can create the illusion of success and encourage continued play. These factors, combined with the inherent human attraction to risk and reward, can lead to people gambling large sums of money.

Comments

When I had no money and "nothing to lose", I gambled all the time. When I started making money, enough to buy a house and save for the future, I was one of the fortunate ones who could walk away from it completely.

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I love going to Vegas and playing roulette.  It's usually very social and $200 can often last all evening if you keep betting the table minimum.  It also doesn't bother me when I lose it all.  Why?  Because I go there EXPECTING to lose it all.  I just want to have as much fun as possible during the process.  Also, I never gamble more than I can afford to lose.

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Even when I hear all the reasons I shouldn't gamble, it makes me want to go gamble for the tiny chance of a big win. Being human is hard.

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Casinos rely on greed and addiction. Walk away as soon as you win, and you'll always be in the green. I visit family in Vegas every year, and have never went home negative because I choose to stop once I start winning, and never risk it for more.

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We had a family member who's spouse, who previously controlled the finances, died.  Once on his own, he proceeded to gamble away into the low 6-figures worth of money.  10 months later, he, too, was dead and we had to pick up the pieces, pay his taxes, and dispose of his property.  Gambling establishments ruin lives.  Their victims aren't stupid, they are being conned by casinos.