How to Avoid the Casino Sunk Cost Fallacy
You stride into a casino brimming with confidence and your wallet full of cash, intending to gamble responsibly for a few hours. Hours later, you have no idea what time it is, how many drinks you’ve had or what happened to your money. The bright lights and opulent surroundings are designed to make gambling irresistible and difficult to walk away from. Casino, Martin Scorsese’s take on Vegas excess and corruption, dials up the opulence and mob carnage of Goodfellas to 11.
While casinos are designed to create thrills by stimulating the senses with flashing lights and engaging sounds, they also have a dark side, fueled by the sunk cost fallacy and the shady dealings of some players. These tricks can be used to manipulate players into spending more than they’re comfortable with.
To help combat this, casino staff can be trained to recognize certain telltale signs of cheating. They can then alert management and stop the game before it gets out of hand, preventing the spread of negative morale throughout the establishment. Another tactic is to strategically place basic amenities like toilets, restaurants and cash machines deep within the gaming floor. This forces people to pass dozens of slots, tables and other games on their way to and from these facilities. This keeps them on the casino’s property longer, increasing their chances of gambling more. It’s also important to have a fast withdrawal process, as this will encourage loyalty.