What Is It Called When You Keep Doubling Your Losses?

I have a confession to make: I am a frequent winner of scratch-offs and bingo. Don’t get me wrong, I love a good game of bingo and often play it with my wife. But when it comes to scratch-offs, I can’t help but bet on the things I love. I have a saying, “If it’s grey out there, I may as well bet on the colours”.

So it was with great excitement that I picked up a Jackpot Win ticket from GameStop. A game of bingo and scratch-offs combined into one? I had to try it. Fortunately, my wife and I both have very strong arms and were able to process the ticket together. Moments after getting our hands on it, the penny pinchers in the family were able to put our Sunday afternoon to good use.

The first thing that came to mind after claiming our winnings was, “We are rich!” But quickly followed by, “This is all we get for winning? We have to keep losing?” We were actually a bit disappointed. Why? The jackpot prize was only equivalent to about two months’ worth of groceries for us. If we were going to keep playing, it would require us to keep losing more money. 

In hindsight, we should have known that doubling your losses was a thing. The more we played, the more we kept losing. By the fifth game, we were down to our last $5. No amount of pleading or begging could convince the machine to give us any more. In the end, we took a break out of sheer frustration. We knew that if we kept on playing, we would only end up wasting more time and losing more money. We were tired of being poor and decided to call it a day. We vowed to never play again. We actually had fun for the first time in months and didn’t feel like we were losing money. We could have kept playing, but the thrill of winning was quickly replaced by the dread of losing. It would have been better off if we left our lucky charms at home.

The Allure Of The Instant Gratification

Scratch-offs and bingo might not sound like a bad combination, but the process of going through the motions to achieve a temporary monetary gain can have serious drawbacks. Let’s examine some of these.

Firstly, playing with the intention of winning can lead to you losing money in multiple ways. If you play games simply for fun, you might end up having a good time and maybe earn some money. However, if you play with the intention of winning, you might make the wrong decision and place a bet on a winning ticket that will eventually lose you money. It’s all about having fun but also being smart about money management. 

Secondly, playing against the house is risky. For those who are familiar with roulette, placing a bet on a single number can lead to big wins and big losses. There is always the chance that the wheel will somehow align in your favour, but more often than not you will lose money. The house edge is always against you in these cases and the more you play, the more you will lose. The way to avoid this is by playing against simulated randomness in games of skill such as blackjack or poker. In these games, the house edge is much smaller and it is possible to have winning streaks that will bring you back some money. Still, it is generally considered a lose-lose proposition. If you want to play for real money, you should look for casinos that offer games with smaller house edges. 

If you enjoy the instant gratification that comes with winning a quick buck at the casinos, then scratch-offs and bingo might be for you. But if you want to have a good time and also feel like you are being smart with your money, then it might be best to wait until you have a real jackpot before you claim your winnings. In the meantime, you can enjoy playing games for fun with your family and friends. Just make sure that you are not eating too much pizza because, in the end, it’s all about the waistline.