Dealing with the Fear of Missing Out in Betting

In the past decade or so, much has been made about the psychological phenomenon known as the fear of missing out. Much of that gets credited to the rise of social media and various other advancements in tech that provide an endless stream of activities that device users get exposed to as observers only. Getting bombarded with so many posts about what others are doing leads to a belief that one is not having as rewarding of an experience as friends, family, acquaintances, or even strangers. That then creates feelings of inadequacy and exclusion. It makes people feel that something is absent from their lives due to the exacerbated visibility of what others are doing. The phenomenon has the power to impact career choices, interpersonal relationships, and even financial decisions.

Marketing strategist Dr. Dan Herman first identified the fear of missing out in 1996, which he explained in a 2000 paper published in the Journal of Brand Management, in which he stated that he believes that it would expand and evolve as technology develops, which has happened. Many relate this phenomenon with the Keeping up with the Joneses, where people use neighbors as a benchmark for social class. Therefore, Keeping Up With the Joneses refers to people trying to stay at the level of someone they know so they do not appear lesser in other peoples’ eyes.

In the context of sports betting, the visibility of other gamblers’ success can build a powerful urge for wagering. That occurs out of fear that a winning opportunity is around the corner and that one must wager to win. As the old saying goes, you cannot win if you do not play. However, that can be a recipe for disaster, leading to hazardous behaviors. These things not only influence an individual’s financial stability but their well-being as well. In the subheadings that follow, we shall explore the fear of missing out on betting fun and the pitfalls this phenomenon has introduced to this part of online gambling.

Understanding FOMO in Betting

Of course, FOMO is the acronym for fear of missing out, and it is an abbreviation that we will use from now on.

Without question, social media amplifies FOMO in bettors, and these days, online gamblers get stimulated and even incentivized to promote their wins on various online platforms to help create an illusion that everyone is making substantial profits from this pastime when that is not the case in reality. That creates peer pressure, or peer influences, bred by a distorted perception of reality. If social media would showcase what is really going on in this sector on a daily basis, people would see way more losses than wins in their feeds.

Naturally, the prospect of sizeable financial gain is enticing for virtually all, and this allure triggers FOMO through success points, as our brains have gotten biologically hardwired to respond to rewards and crave them. For those with impulse control issues, this can produce impulsive betting and sessions where choices get made based on emotions and not logic.

As noted in the intro, chasing losses, which is something we advise no one ever does, is a common response to FOMO, as many bettors fear that they might miss out on an opportunity to recover their losses if they stop betting. Unfortunately, in virtually all cases, this often leads to further losses, accumulating substantial debt and long-term money problems.

How Online Sportsbooks Exploit FOMO

They do this customarily through time-limited offers that build a sense of urgency, pushing users to act quickly and molding a belief that if they do not, they would have missed out on a potential profit that was well within their grasp. Exclusive bonuses also aim to create an aura of rarity. It is not strange to see online bookies highlight big wins on social media platforms to show that wagering can be highly profitable, hoping to stimulate more activity on their hub.

Live betting is conducive to FOMO because it creates a continuous stream of potentially missed bets if one doesn’t act quickly. Gamblers get flooded with constant updates on changing odds and novel openings that they cannot help but get sucked into the dynamics of it all. Push notifications and alerts also do their thing on this front. Personalized marketing is another culprit. Today, operators create tailored marketing campaigns that seek to indirectly pressure users to take advantage of deals that appear exclusive, as they have been created using their past behavior. Leaderboards, achievement systems, and other gamification elements add a competitive aspect to the betting experience and make users feel like they are falling behind, massaging them into making some new bets.

Managing FOMO

Every person is different. Hence, it is up to every individual bettor to figure out what triggers their FOMO. To recognize special situations and urges that make them compelled to bet, and try to analyze how social media, ads, and peer discussions influence their betting behavior. Keeping a diary is one way to go about it. It is a bit cumbersome to write down when one has placed a bet and what influenced the decision to wager, jotting the feelings belt before money or digital coins got laid down on a specific event transpiring. Over time, if one does this consistently, patterns may emerge and be visible, and these may supply insights into a gambler’s betting behavior. What motivates it most of the time?

The other tips we have are the usual responsible gambling ones. Determine a max losing amount, and never surpass it via committing to not exceeding a predetermined budget, regardless of wins or losses. Implementing time constraints is another handy piece of advance, entailing designating specific times for betting fun.

It is also vital that every bettor out there realizes there are other entertaining things they can do outside of gambling. Pursuing fulfillment through other hobbies/interests is paramount for a healthy lifestyle, as is practicing mindfulness practices. The latter refers to things like meditation, deep breathing exercises, or yoga. These help reduce potential emotional triggers that provoke irresponsible betting.

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