Why chasing losses is a bad idea
If you gamble you immediately know what we are talking about, but we want to discuss chasing losses to make sure everybody is aware of the risk. This is a must read for anybody who gambles online or offline. We have all been there and if you have not, you will be at a certain time: on a losing streak. You have no idea why but the games just all seem cold and lady luck is on vacation. You have lost quite a bit of money and you’re determined to win it all back either by continuing to play or else tomorrow. But these losses need to get compensated at least! And if you are losing this long, the big wins must be right around the corner, right? Wrong! The big wins could be around the corner but so could be even more losses and that is where it gets really bad.
Before you start playing you should have the options to set limits. These can be limits in deposits, wagering, and time limits. These limits are there to prevent you from getting carried away in the game wether you are winning or losing. It prevents you deposit more than you can affort or play longer than a certain period. If you have reached your limits, then stop(!)
Cooldown periods at online casinos
Many casinos even give players the opion for a cooldown period of hours up to weeks or even months. This is an option players should definitely go for in case of a ‘chasing losses’ situation. You have to get the feeling out of your system that you can win back what you lost because you deserve it after so much bad luck.
Dealing with losses instead of chasing losses
So how do you deal with your losses? Actually this begins with picking the right casino to play at or maybe even before that. You should not start gambling with the intention to make money. Gambling is 100% entertainment and even if you win in the short run, the house always has and edge in the long run. This goes for all games of chance. So you should only gamble with money you can affort to lose. Also don’t be fooled by the many videos you can find online of online players winning huge amounts of money. We won’t say this does not happen, but there are always more losers at (online) casinos than winners. It is as simple as that. So yes, you can get lucky but if the money you are playing with is actually for paying your bills, then don’t start.
Dealing with wins
Dealing with (big) wins can be just as hard as dealing with losses. You hit a big win and you are over the moon. Maybe you even did a little dance behind your computer. You feel invincible and that there is even more to win. But it is the same as with losses, there is no telling what will happen next. Best thing to do is to cash out your wins, or at least a big part of it. At some casinos you even have the option of manual flushing. This means you can lock you pay out and you no longer have the option to reverse withdraw your winnings.
Stricter rules and regulations
As far as we are concerned at Casinokings Club the regulations on money and time limits should be much stricter and all casinos should also be forced to offer manual flushing. There are already a number of good online casinos out there that offer all these options, but there are also still a lot of casinos that don’t. This is something that should be enforced by law so each casino that gets a license has to have these kind of player protection options installed.