Yes, you are not in the right mindset because all you want is to get back the money you lost and in this situation, your money will be used up especially if you rush into the actions you are doing. We are talking about gambling here, it is difficult to recover the loss when it comes to gambling. That's why it's called gambling because we don't know what will happen, we just hope for luck. So let's think carefully, be calm in any situation so that your money doesn't run out. Because if you rush and anger dominates you and you don't control your emotions, you will just run out of money.
It is indeed that the person who is chasing losses in not in his proper mind set. It is highly possible that he is engulf with worries that he will be lacking fund in the next day so he tried his best to recover his losses that ends up losing more money to gambling.
No matter how much we had lost in gambling we should cool our head and retain our sanity because chasing losses is proven to be devastating especially when luck isn't in our side.
And the easiest way to avoid this mindset is to avoid betting too much money from the beginning, this way if things do not go your way and you start to lose, the losses you will suffer will be small and there will be no need for you to chase your losses, as you know very well that you will have the funds to pay for all the things you need in order to keep your home running as it should, however something so simple is beyond most people and they only realize this once they have suffered massive losses.
There's nothing totally wrong in losing as it's part of the game, but when the losses are becoming too much, it's worrisome, and it gets to the level that despite the losses, some gamblers would still not stop but continue to bet and bet thinking the luck will still come if they persist. But that is not how it works, at that level, the gambler is out of control, it's the emotion that lives in him that is working at that time. This will not stop until the gambler himself or the people around him stops it, that is why it's good to know our limits as we gamble. From the start of gambling, we should know that it is either we win or lose, and in the first two bets, if we lose, we should be aware of what we are doing and it's not by force that we continue to bet especially when we also lose the third time.
Although, this depends on the kind of game we play and the amount we are playing it with and willing to lose, but yet applicable to those who are gambling with huge amounts of money. This is why we need our budgets per periodic time of gambling, and by this, the gambler must have known the amount he would gamble and the number of losses that could be accommodated in a day instead of just gambling without any plan that could tame the person. Like me, I bet casino games at most 5 times a day and the highest I have wagered is $10. This is because I know my weakness in casinos, unlike sports betting that I can go beyond $500 at a go. So, to keep myself out of the emotions of trying to get my money back, I had better have a plan that puts restraints on my gambling habit.
The control illusion is commonly overlooked. Both experienced and rookie gamblers fall for this. They mistakenly believe patience will improve their luck. Is this a thinking error? Gambling is a game of chance with continuous probabilities, regardless of past results. Your limit-setting method is smart self-defense. Accepting gambling's unpredictability and your own fallibility is crucial
Another dimension is shown by your casino-sports betting differentiation. How our self-imposed norms change with context is intriguing. Your higher sports betting threshold shows a sense of control, possibly linked to sport expertise. Is this a slippery slope? Overestimating skill and betting more is risky. Self-restraint in the face of defeats and humility in the face of assumed skill are crucial. Recognizing the fine line between educated betting and overconfidence might prevent the emotional spiral you warned against