Exploring a Multi-dimensional Understanding of “Loss Chasing,” and its Manifestation in Actual Gambling Record Data
Session Title
Session 1-4-C: Lightning Talks
Presentation Type
Lightning Talk
Location
Park MGM, Las Vegas, NV
Start Date
23-5-2023 3:45 PM
End Date
23-5-2023 5:15 PM
Disciplines
Applied Behavior Analysis | Behavioral Economics | Cognitive Science
Abstract
Abstract:
Many people consider loss chasing to be a defining marker of gambling problems. However, current efforts to measure loss chasing tend to frame this concept unidimensionally with regards to gambling behavior (e.g., increased betting) and time (e.g., within a gambling session). Yet, single dimensions are unlikely to fully capture the nature of loss chasing. Similar to men’s and women’s pant sizes (i.e., two vs. one size dimension, with the former often resulting in more varied—and thus better—“fits”; Jachimowicz, Blesch, & Hauser, 2022), stakeholders should consider measurement of loss chasing multidimensionally to improve “fit.” We propose a multidimensional concept of loss chasing that is a combination of key betting behaviors implicated in loss chasing (i.e., stake size, odds, and betting frequency) and frames of reference for losses (e.g., considering net loss based on more recent settled bets vs. all previous settled bets). In our discussion, we consider the possible pros and cons of a multidimensional approach to understanding loss chasing, and provide practical guidance for measuring this complex concept.
Implications: A multidimensional approach to defining the concept of loss chasing holds the potential for greater measurement precision to help inform the prediction and explanation of gambling-related problems. Greater precision can lead to better real time risk assessment, identification, and intervention.
Keywords
loss chasing, chasing losses, multidimensional
Funding Sources
Entain, PLC
Competing Interests
None
Exploring a Multi-dimensional Understanding of “Loss Chasing,” and its Manifestation in Actual Gambling Record Data
Park MGM, Las Vegas, NV
Abstract:
Many people consider loss chasing to be a defining marker of gambling problems. However, current efforts to measure loss chasing tend to frame this concept unidimensionally with regards to gambling behavior (e.g., increased betting) and time (e.g., within a gambling session). Yet, single dimensions are unlikely to fully capture the nature of loss chasing. Similar to men’s and women’s pant sizes (i.e., two vs. one size dimension, with the former often resulting in more varied—and thus better—“fits”; Jachimowicz, Blesch, & Hauser, 2022), stakeholders should consider measurement of loss chasing multidimensionally to improve “fit.” We propose a multidimensional concept of loss chasing that is a combination of key betting behaviors implicated in loss chasing (i.e., stake size, odds, and betting frequency) and frames of reference for losses (e.g., considering net loss based on more recent settled bets vs. all previous settled bets). In our discussion, we consider the possible pros and cons of a multidimensional approach to understanding loss chasing, and provide practical guidance for measuring this complex concept.
Implications: A multidimensional approach to defining the concept of loss chasing holds the potential for greater measurement precision to help inform the prediction and explanation of gambling-related problems. Greater precision can lead to better real time risk assessment, identification, and intervention.