Role of Affect and Risk–Benefit Perception on Reckless Betting: Prior Wins and Losses Both Lead to Risky Bets

Abstract

People who have experienced many gambling wins tend to make larger bets even when they are unlikely to win (reckless betting) than those who have experienced many losses. This study examined psychological factors underlying reckless betting when gambling from the perspectives of affect and risk–benefit perception. University students (N = 63) participated in an experiment using the Acey-Deucey Task, in which the number of wins and losses during the 1st session was experimentally manipulated such that there were either 24, 12, or 6 wins out of 30 trials. Positive–negative affect and perceived risk–benefit during the task were assessed by self-report. Betting recklessness during the 2nd session was calculated using winning probability and bet size data in each trial. The results indicated that experiencing few prior wins, that is, many prior losses decreased positive affect and perceived benefits of betting and increased negative affect and perceived risks of betting. Path analysis results suggested that gambler's positive and negative affect altered perceived benefits of betting, which influenced reckless betting. Although participants that experienced more prior wins made more reckless bets similar to previous studies, there were no statistical differences between the three groups. Time-series analysis revealed that participants who experienced many prior losses made increasingly reckless bets at the end of the gambling task. We have discussed other potential variables that might have influenced recklessness, and the time-series analysis’ implications on reckless betting and loss-chasing.