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How to Recover from a Big Gambling Loss

The rise of online casinos has made gambling incredibly convenient. As a result, it’s easier than ever to suffer a big loss at the casino. While some of the biggest gambling losses are by players with lots of money to burn, many other losses are by people who really can’t afford to throw away so much money.

Author: Editorial Team September 13, 2021

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If you’ve lost money gambling, what’s the best way of deal and recover from a gambling loss?

The Best Steps for Recovering from Your Gambling Losses

Gambling can be an exciting and thrilling experience. When you win, you feel like a high roller who has it all figured out. But when you lose, the world comes crashing down around your ears-and it feels like there’s no hope in sight.

Here are some of the best steps for recovering from gambling losses:

1. Determine What Went Wrong

The first step after you’ve lost money gambling is to take stock of the situation. What happened? Why did it happen? Did you fail to realize you were losing? Did you play a game without doing research first? Did you bet too much?

Perhaps you got misled by ‘beginner’s luck.’ You wouldn’t be the first. It’s easy to get encouraged to bet increasingly large sums at the beginning, especially with those welcome bonuses and the dopamine hit of the first few payouts.

Winning big on a risky bet can also lead to losses later down the line. It can give you a sense of being invulnerable, making you more likely to take similar risks in the future. This isn’t a sustainable way to gamble.

2. Accept What Happened

Once you’ve worked out where you made mistakes, the next step in recovering from gambling losses is to accept reality. Accept that the money has gone. Don’t try to chase it. Understand that mistakes were made but forgive yourself for what happened. Feeling guilt and shame won’t help you to move on with your life.

Next, try to pay off your debt—and do so yourself. Avoid letting anyone else do it, such as family members. Otherwise, you won’t feel accountable for your actions and might do the same thing again in the future.

During this time, it’s best to take a break from gambling. Maybe you can come back to it in the future but for now, it’s time for a pause. Try another hobby or activity to keep yourself occupied. Give yourself enough of a break that when you return to gambling, you’ll be able to do so with a fresh outlook.

3. Take Measures to Avoid it Happening Again

When you do go back to gambling, it’s important to take precautions to avoid losing large sums of money again.

Create a realistic budget for your gambling each month. Choose a fixed and relatively small amount that you are allowed to play with. This money should be disposable income that you can afford to lose. Create a separate bank account so you don’t end up using money meant for other things such as bills.

It’s also worth choosing one specific gambling game and focusing on that. This way you can perfect your strategy and keep practicing until you can play it really well. This will allow you to play to your strengths and get more enjoyment from the game. This can be done for free right here at ManySpins. Browse through our library of free slots and find a game that suits your style.

Before playing, set specific goals about how many wins or losses you are prepared to accept each time. Keep track of these results to see if there’s a pattern. Try to establish guidelines for yourself to avoid falling into out-of-control behavior.

4. Seek Help

An important part of dealing with gambling losses is being on the lookout for the warning signs of an addiction.

These can include betting more than you can actually afford, betting increasingly large sums of money, incessantly chasing losses, borrowing money to gamble, and feelings of stress, anxiety, and guilt.

If the situation is already serious, it might be time to seek help. For your own mental health, opening up to a trained professional about your experiences is important.

GamCare offers free help, support, and counselling for problem gamblers in the UK and runs the National Gambling Helpline: 0808 8020 133.

BeGambleAware also offers free and confidential help to those who are concerned about their or someone else’s gambling habits.

Avoiding Gambling Losses and Keep it Fun

If you want to avoid the heartbreak of gambling losses, then it’s best that you follow these tips. You can make sure to keep your personal finances in order by setting up a budget and sticking with it. If you’re feeling like things are getting out of control, get help before they spiral further downward. There is always someone who cares about what happens to you who will be willing to listen and give advice when needed – take advantage of this opportunity!

Gambling is meant to be fun. To ensure it doesn’t become stressful, or dangerous, keep your eye on the bigger picture. Always try to maintain some distance from the game, stay alert to the signs of addiction, and be sensible and risk-averse when it comes to bets.