A timeless human endeavour, gambling is driven by a complicated interaction of psychological elements most of the time. Our brains are set to participate in risk-taking activities from the excitement of the unknown to the seduction of possible benefits.
The Reasons We Gamble
The Excite of the Unknown
Our brains tend to release dopamine, a chemical linked to pleasure and reward. When we gamble, this neurochemical reaction might generate enthusiasm and expectation, so supporting the behaviour.
Many gamblers, even with the odds stacked against them, believe they can affect the result of a game. This feeling of control can drive a need to keep gambling despite bad results.
The Attractiveness of Reward
Many gamblers find great motivation in the possibility of a big payback. The hazards involved can be subordinated to the hope of striking it rich.
Generally speaking, people find losses more sensitive than benefits. As people try to regain their losses, this can cause dangerous behaviour.
The Function of Cognitive Biases
The Fallacy of The Gambler: People driven by this cognitive bias assume that previous events shape present results. A gambler might believe, for instance, that a win is only around following a run of losses.
Gamblers may deliberately recall their successes and minimise their losses, therefore supporting their conviction in their own luck or talent.
Overview
Knowing the psychology of gambling will enable us to decide on our own risk-taking actions more sensibly. We can help to minimise the harmful effects of gambling addiction by realising the cognitive distortions that could result in impulsive decisions.
