Sunk Cost Fallacy: Does It Affect Your Casino Decisions?

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Das991992

Das991992

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Sunk cost fallacy is basically when you keep putting more money, time or effort into something just because you already put a lot into it, even though stopping might be the better choice.

Like, you pay $20 for a movie and 30 minutes in, you hate it. But you think, “I already paid for it, so might as well finish it.” The $20 is gone anyway.

I was thinking, this kinda happens in casino or poker too, right? You’re already down, so you keep playing, hoping to get it back.

Have you ever done this without really noticing?
 
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Das991992 said:
Sunk cost fallacy is basically when you keep putting more money, time or effort into something just because you already put a lot into it, even though stopping might be the better choice.

Like, you pay $20 for a movie and 30 minutes in, you hate it. But you think, “I already paid for it, so might as well finish it.” The $20 is gone anyway.

I was thinking, this kinda happens in casino or poker too, right? You’re already down, so you keep playing, hoping to get it back.

Have you ever done this without really noticing?
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The problem there is playing to make money. That should be a consequence, not a goal. Anyone who plays for fun should focus on that, not on the game itself. A professional already has a different mindset and a healthy bankroll to bet amounts they know they’ll lose, but they don’t expect to recoup that money. They simply look ahead to the next moment.
 
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No, I take a set amount of money and if I lose it all I'm on my way home,my thoughts when I go to a casino is this amount of money is already gone anything I come home with is a bonus and anything above my stake is a win,I only play poker so it's a little easier to walk away ahead🙂
 
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christovam said:
The problem there is playing to make money. That should be a consequence, not a goal. Anyone who plays for fun should focus on that, not on the game itself. A professional already has a different mindset and a healthy bankroll to bet amounts they know they’ll lose, but they don’t expect to recoup that money. They simply look ahead to the next moment.
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yeah thats true, if you play for fun then chasing the money can kinda ruin the fun lol

frank174 said:
No, I take a set amount of money and if I lose it all I'm on my way home,my thoughts when I go to a casino is this amount of money is already gone anything I come home with is a bonus and anything above my stake is a win,I only play poker so it's a little easier to walk away ahead🙂
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yeah thats a good way to look at it, if the money is already gone in your head its easier to walk away
 
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The sunk cost fallacy is a cognitive bias that leads us to believe that changing strategy "wastes" all the effort we invested in the initial plan, so it is better to keep striving for a payoff.The sunk cost fallacy is a psychological issue.
 
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dreamer13 said:
The sunk cost fallacy is a cognitive bias that leads us to believe that changing strategy "wastes" all the effort we invested in the initial plan, so it is better to keep striving for a payoff.The sunk cost fallacy is a psychological issue.
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exactly, once you see it as a psychological trap, it gets a lot easier to catch yourself doing it
 
Das991992 said:
yeah thats true, if you play for fun then chasing the money can kinda ruin the fun lol
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So, even if it's just for fun, it's nice to earn a little extra money through rewards, because it shows that the player is making some progress. Receiving rewards on a regular basis is a sign of progress.
 
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