The psychology of gambling addiction.
Written by Lkite Temilorun.
Gambling involves wagering or betting money or something of value on an event with an uncertain outcome, typically with the hope of winning additional money. The most common form of gambling is Sports betting generating over 2 billion dollars from Nigeria alone.
Gambling addiction is driven by psychological, social, and emotional factors. Despite losses, individuals may continue to bet, for such reasons are:
-Cognitive biases i.e. overestimating one's chances of winning or believing in "hot streaks."
-Emotional regulation by using gambling to cope with stress, anxiety, or other emotions.
- Social influences which is mainly peer pressure.
The popular phrase “one cut", is commonly said in a situation when just one out of the gambler’s selections does not achieve the projected outcome leading to them losing money.
There is yet another phrase known as “what is cashout?". This phrase appears mainly when the gambler doesn’t have an open ticket implying that he already lost.
Another reason why gamblers keep betting despite losing is nostalgia. Most gamblers bet because they want to relive the thrill of successfully predicting the outcome of events which activates the brain's reward system, releasing dopamine and encouraging repeated behaviour.
Factors like poverty, lack of regulations, and easy access to gambling platforms can exacerbate the problem.
The most efficient way to curb gambling addiction by the government is the compulsory implementation of correct and genuine age verification through the use of identity documents like the NIN to help prevent underage gambling thereby reducing the number of potential addicts.
Conclusively, people gamble seeking excitement, financial gain, or emotional escape. Driven by cognitive biases, social influences, and dopamine's reward system, gambling morphs into a destructive habit that ultimately leads a person to repetitive behaviour despite their many losses.
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