Your online betting bankroll has sustained hit after hit, and your bank account has followed suit. You’re now scrambling for advice on how to overcome gambling losses. While it doesn’t provide peace of mind, you should know that you’re not alone. The proliferation of online sports betting has resulted in record breaking gambling losses over the last half-decade. At press, Americans are on track to lose nearly $300 billion on sports betting since the federal ban was removed on the activity in 2018. So what can be done to crawl out of the hole that you’ve found yourself in?
The answer doesn’t lie in some strategy for how to beat the house. The proverb that the house always wins reigns true. The bell curve on making a comeback doesn’t swing in your favor with the passage of time (click the graph below to learn more):
Instead, the blueprint for getting over gambling losses is grounded in a fundamental change in your manner of behavior which depends upon three key steps. Please keep reading.
3 Powerful Ways to Get Over Online Gambling Losses for Good
Face the Financial Problem in a Responsible Manner
That first instinct you had to recover sports betting losses was likely to get back on the horse by betting the ponies, hitting the casino, or trying out a different sportsbook. This is called chasing losses, and is a dangerous way of thinking:
“Excessive and out-of-control gambling leads to big losses, which often leads the pathological gambler to chase those losses. If they fail in this pursuit—which is likely, pathological gambling may lead to a negative spiral. “
The Psychology of Gambling | Yale University
Given your predicament, you have probably been chasing losses for awhile now. The hole got deeper, didn’t it? Put an end to the practice of chasing losses immediately and take a more responsible approach to financial recovery. This does not mean that you should go to friends and family for loans, which is also a symptom of pathological gambling. Rather, use resources that are available to you in the United States through the help of organizations such as Debt.org along with legitimate debt recovery and financial planning services in your state. You may or may not have to file for bankruptcy, which we know is a painful pill, but it’s better to get the ball rolling on financial recovery today as procrastination only delays recuperation. Click the link below to learn more about the financial recovery process:
Take a Break and Take a Test
Opt-in for self exclusion options made available on the online gambling sites that you’re using. For example, DraftKings’ self-exclusion platform allows players who need a “pause” the option to temporarily self-exclude themselves from playing for a specific period of time, up to 5 years. FanDuel and BetMGM offer similar options.
How you mentally and emotionally respond to this self-exclusion period will be very telling. If you are able to abstain, taking a break and allowing yourself to recovery financially (as per above) may have been all that you need. However, if your mental and behavioral health suffers during this attempted break, you may be suffering from gambling disorder, which indicates that self-exclusion is not enough. Find out where you stand by completing the gambling disorder test below:
Overcome Compulsive Gambling Behavior
If the test above unveils that gambling disorder may be present, the next step is clear. You need to initiate counseling with a specialist as a part of a sustainable strategy to overcome gambling losses. Someone who suffers from gambling disorder should have no aspirations to ever gamble again, with fundamental change being required to avoid permanent financial ruin and more dire consequences. What if your test come back “negative”? You may still be on the spectrum of problem gambling. Those with a mildly problematic relationship with the activity can still greatly benefit from speaking with a counsellor, even if it’s to provide peace of mind that there is no deeper underlying issue.
Never lose on gambling ever again. Reach out today via the contacts provided below to speak with a Kindbridge care coordinator.
Overcome Gambling’s Hold on Your Life
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