I am a conservative gambler and careful with my funds, so I would say that the second option is more painful for me.

Although I always have a set budget for my bets and never bet more than I can afford to lose, the idea of ​​almost winning a large amount of money and losing it is much more frustrating than losing the money I initially bet because when I bet, I knew there was a risk of losing and I was prepared for it. However, when I am close to winning a large amount of money, I start to dream about the possibilities and think about how I can use that money to improve my life or achieve my goals.

When I miss out on that opportunity, I feel a sense of regret and frustration because I know I was close to achieving something big... whereas losing the money I initially bet is easier to deal with because I knew there was a risk of losing and I was prepared for it.