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Alcohol makes gamblers to bet higher after losses
When it comes to gambling, there is no guarantee that all the stakes will be made rationally by players. Their next betting decision highly depends on whether they lost or won the previous bet. And far not always such decisions end with winning.
A recent study, provided by Centre of Gambling Research (UBC) specialists in the UK, mentioned that such decisions often come with alcohol.
How alcohol affects decision-making in gambling
Firstly, there is a strong connection between alcohol and gambling, since it is very well known that alcohol possesses strong disinhibiting effects. However, there was always a question of how alcohol influences gamblers’ decision-making processes. The provided experiment, where a classic roulette was used, showed that people arrive at irrational decisions while making bets.
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The researchers found the so-called “gambler’s fallacy” when players bet on the same color 3-4 times, and after consecutive losses still choose the same color. So, the experiment was to detect how alcohol influences on players in such situations.
The researchers got a result, which they later called “sequential biases”, which means that alcohol did not influence the decision-making processes of players when it came to choosing colors – in this case, the results were the same as if a sober gambler would have bet.
Loss chasing and results of the experiment
However, there was a great difference in betting itself – as soon as players won or lost, the bet again, hardly thinking about whether they should make a stake or not. Especially, the effect was observed after losses. Moreover, after losses, drunk players bet higher rather than if they would have won.
Thus, researchers got a phenomenon, which they called “loss chasing”. Most of the time gamblers continued playing, but some of them could have gone to return the next day. Anyway, players were sinking deeper in debts in order to return everything they lost – this is what they called “loss chasing”.
This study proves the statement that the combination of gambling and heavy alcohol often leads to the point of no return: gamblers collect more debts, trying to earn the lost money. Researchers highly recommend not to combine these two, especially when it comes to online gambling and mobile slots.