Money Lost Is Lost: Reasons Why You Shouldn’t Try To Recover Money Lost To Betting
To bet means to wage something of value, say your possession, time, money (the stake) on the outcome of events that are not predictable such as a football game, horse race, athletics, etc.
In recent times, betting has become one of the leading habitual activities practiced by the youth, especially young men. Many project the outcomes of football games especially, and hope to winning big the next moment after staking with small amounts of money. In their minds, they think of becoming billionaires the next minute after staking, hence committing more time and additional money to the practice.
Sometimes, its obvious to predict the outcomes and win but most times not so obvious because you can never win against the machinery algorithms. Bet companies mostly win in the end because they have programmed themselves to win; because they are mostly not under any pressure.
The practice is so addictive that many commit their entire earnings to staking, motivated by the “hope to win” syndrome lurking through their heads. The best advice is to quit betting entirely. Or allocate money you’ll Bet with and stick to the budget, that is, Betting with money you can afford to lose. For instance, if your betting budget is $5 a month, don’t exceed it no matter what!
A young man said in the comment section of a Facebook betting survey: “When they chop (win) your money, don’t try to recover it… I repeat, don’t try to recover it…
this is what I always say. avoid the sunk cost fallacy. my monthly betting budget is a maximum of 40 cedis. I never exceed that. and I monitor my gains and losses to see which bets are worth not chasing”.
Here are two reasons why you should never try to win back the money lost to sports betting.
- You become so eager to win: To become eager means to have a strong feeling to win and recoup the losses. Most people can’t accept a losing day and so go off in search of winners. Some contact friends and do collaborative staking yet lose. Having a certain strong feeling about the practice makes you jittery, vulnerable to losing your senses of thinking critically. To become eager also means to avail yourself to bet blindly. Just like the commenter said, it is better to be disciplined and organized in your betting if your inner adrenalines prevents you from quitting. It is alway better to sit back and analyze issues rather than becoming desperate to winning odds. You become eager, you lose more money. Don’t forget betting companies mostly win.
- You begin to shun good relationships and fall in love with odds: As I said earlier, it is better to know when to call it a quit. Many gamblers end up losing bonds they had used years to build, unless of course they are forming new bonds with gamblers. It has become so severe that many quit healthy meetings to calculating unpredictable odds. To have an intensely competitive feeling to win back money means going the extra mile to studying the algorithms of the game. The more you commit to yourself, sometimes not having enough sleep at the detriment of your health draws you away from friends and family.
To end, betting just like drugs, is so addictive that it is always prudent to have a limit to how much money to invest into it, if you don’t want to quit entirely.
