You might have heard of “chasing losses”. This mentality does not work and actively promotes reckless behaviour.

There is an inherent risk to gambling – and the thrill this risk represents is key to why people choose to gamble. However, in order to gamble responsibly, you need to accept the risk that you may lose.

IROEA and its members stress the importance of deciding your budget before you play and sticking to it. The money you lose should be seen as the cost of entertainment. Just as you would pay to watch a movie, you pay to play. Sometimes, a friend might offer you a free ticket, but that is rare and should not be expected. Gambling is much the same: there is never a guarantee that you will win.

Gambling becomes a problem when you cannot accept your losses and keep gambling to try and recoup your losses. This mindset creates a vicious and self-perpetuating cycle whereby you keep increasing the pot with the hope of ‘winning it big’ the following time, allowing you to recover previous losses. Such behaviour is dangerous: you may find yourself jeopardising your financial situation as well as your mental health. In worst case scenarios, you may also put your family’s livelihood at risk.

Awareness wards off danger: make decisions concerning your time and allowed spending before engaging in any gambling activities. Use IROEA recommended Responsible Gambling tools to help you stick to your limits.