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4 psychological processes that make you gamble away your hard earned money

Kipchirchir Rop
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There is a psychological process behind gambling [source/]

Gambling has taken root in Kenya, with the youth being mostly affected. Every single media outlet is advertising how one can win millions of shillings by investing a mere twenty shillings. 

It has been established that there are psychological reasons behind the gambling phenomena. These reasons are

Gambling systems and superstitions 

Betting companies have diversified their markets, to include virtual football. A gambler will look at these virtual football leagues with a belief that he can devise winning ways. 

The bandwagon effect 

When the jackpot money increases, people rush to place their bets so that they cannot be left out. Gamblers always think it can be their day. Media hype doesn’t help either, in that people begin picturing themselves winning millions of shillings. 

Changing expectations regarding winning 

Once someone has placed a bet, he or she only thinks about the team winning. There’s an increased commitment towards the team, making a gambler more hopeful. 

Gambler’s fallacy

This a psychological process where a gambler thinks that a different result is about to happen when a result occurs repeatedly over time. a team can go for ten straight matches without a loss. 

Gambler’s fallacy will make him or her bet on the team losing because he or she expects a different result.  

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-Kipchirchir Rop

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