Slot Machine Gambling Research Articles

The near-miss effect in online slot machine gambling: A series of conceptual replications.

Near-misses are a structural characteristic of gambling products that can be engineered within modern digital games. Over a series of preregistered experiments using an online slot machine simulation, we investigated the impact of near-miss outcomes on subjective ratings (motivation, valence) and two behavioral measures (speed of gambling, bet size). Participants were recruited using Prolific and gambled on an online three-reel slot machine simulator that delivered a one in three rate of X-X-O near-misses. Study 1 measured trial-by-trial subjective ratings of valence and motivation (Study 1a, n = 169; Study 1b, n = 148). Study 2 (n = 170) measured spin initiation latencies as a function of the previous trial outcome. Study 3 (n = 172) measured bet size as a function of the previous trial outcome. In Study 1a, near-misses increased the motivation to continue gambling relative to full-misses, supporting Hypothesis 1. On valence ratings, near-misses were rated significantly more positively than full-misses, in the opposite direction to Hypothesis 2; this effect was confirmed in a close replication (Study 1b). In Study 2, participants gambled faster following near-misses relative to full-misses, supporting Hypothesis 3. In Study 3, participants significantly increased their bet size following near-misses relative to full-misses, supporting Hypothesis 4. Across all dependent variables, near-miss outcomes yielded statistically significant differences from objectively equivalent full-miss outcomes, corroborating the "near-miss effect" across both subjective and behavioral measures, and in the environment of online gambling. The unexpected findings on valence ratings are considered in terms of boundary conditions for the near-miss effect, and competing theoretical accounts based on frustration/regret, goal generalization, and skill acquisition. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Supplemental Material for The Near-Miss Effect in Online Slot Machine Gambling: A Series of Conceptual Replications

Supplemental Material for The Near-Miss Effect in Online Slot Machine Gambling: A Series of Conceptual Replications

Post-reinforcement pauses during slot machine gambling are moderated by immersion.

The post-reinforcement pause (PRP) is an operant effect in which response latencies increase on trials following the receipt and consumption of reward. Human studies demonstrate analogous effects in electronic gambling machines that utilise random ratio reinforcement schedules. We sought to identify moderators of the human PRP effect, hypothesising that the magnitude of gamblers' PRPs is moderated by the type of reinforcing outcome (genuine wins vs. losses-disguised-as-wins [LDWs] vs. free-spin bonus features) and individuals' level of gambling immersion, a cognitive state linked to problem gambling. Experienced slot machine users (N = 53) played a real slot machine for 20 min. The dependent variable was defined as the time delay in the initiation of each bet ("Spin Initiation Latency"; SIL). Using 80% of trials, a linear model was fit regressing SIL on the independent variables (outcome type, immersion, and outcome-by-immersion interaction), and a larger group of covariates (participant ID, trial number, winnings, etc.) selected using double-robust LASSO-regularised regression. The previously unseen 20% of cases were used to validate the model. Positively reinforcing outcome types (wins, LDWs, bonus spins) showed significantly larger SILs than losses, indicating a PRP effect. Immersion did not predict response latencies, but win-by-immersion and LDW-by-immersion interactions indicated that pauses were greater among more immersed participants. The small number of free-spin bonus features showed similar trends that were not statistically significant. These results indicate that gamblers immersed in play remained sensitive to in-game reinforcement (contrary to a prevailing account), and provide guidance for researchers bridging laboratory research and real-world behaviour.

Emotions and motivations of gambling: A comparison between scratch card, slot-machines, and casino gamblers.

In the last 20 years, gambling has become more and more widespread in Italy. The aim of the present study is to compare the motivations for gambling and the emotions felt while gambling in three different subgroups: scratch card gamblers, slot-machine gamblers, and casino gamblers. Three versions of a questionnaire have been distributed in a casino, in scratch card vendors, and slot-machines venues. All versions included sociodemographic variables, the two-question Lie-Bet instrument, a scale for motivations toward gambling, and a list of positive and negative emotions felt while gambling. Participants (N=425, F 47.5%) are gamblers potentially pathological (N=162, 38.1%) and not (N=263, 61.9%). Different games seem connected to different motivations and emotions: the scratch gamblers show less Coping and Social Motivation and experience less Negative Emotion. However, the motivation and emotion most intensely experienced by the gamblers (Enhancement and the Positive Emotions) do not show differences between the different types of games. The pathological gamblers have a more intense and internal connection with the game (have more Enhancement and Coping motives, Positive and Negative Emotion). In sum, our findings support the theoretical hypothesis that gambling can be a tool for regulating emotions.

Losses disguised as wins evoke the reward positivity event-related potential in a simulated machine gambling task.

Electronic gambling machines include a suite of design characteristics that may contribute to gambling-related harms and require more careful attention of regulators and policymakers. One strategy that has contributed to these concerns is the presentation of "losses disguised as wins" (LDWs), a type of salient losing outcome in which a gambling payout is less than the amount wagered (i.e., a net loss), but is nonetheless accompanied by the celebratory audio-visual stimuli that typically accompany a genuine win. These events could thereby be mistaken for gains, or otherwise act as a reward signal, reinforcing persistent gambling, despite being a loss. This study aimed to determine whether LDWs evoke a reward positivity component in a task modeled on slot machine gambling. A prominent account of the reward positivity event-related potential suggests that it is evoked during the positive appraisal of task-related feedback, relative to neutral or negative events, or that it is evoked by neural systems that implement the computation of a positive reward prediction error. We recruited 32 individuals from university recruitment pools and asked them to engage in a simple gambling task designed to mimic key features of a slot machine design. The reward positivity was identified using temporospatial principal components analysis. Results indicated a more positive reward positivity following LDWs relative to clear losses, consistent with the theory that LDWs contribute to positive reinforcement of continued gambling, despite being net losses.

The Influence of Gambling on Mood State and Alcohol Cravings.

Several decades of research have experimentally investigated the influence of alcohol on gambling. However, there has been only minimal experimental exploration of how gambling influences alcohol use. The aim of the current project was to evaluate how gambling influenced mood state and alcohol cravings through randomized experimental design when analyzed with comparison conditions.College students (N = 76) who reported regular alcohol use, gambling within the past year, and being college basketball fans were randomly assigned to watch a video of an exciting basketball game, watch a nondysphoric basketball game, watch a movie, or engage in slot machine gambling. Participants who watched exciting sports or engaged in gambling to reported more energized mood states and higher urges to drink compared to those who watched nondysphoric sports or a movie. These results suggest that the context of gambling may prime individuals to want to consume alcohol.

“Losses disguised as wins” in electronic gambling machines contribute to win overestimation in a large online sample

IntroductionLosses disguised as wins (LDWs) are a salient type of losing outcome common to electronic gambling machines (EGMs). These events occur when a gambling payout is less than the amount wagered (i.e., a net loss) but is nonetheless accompanied by the sounds and animations that accompany genuine wins. Previous lab-based studies have reported that participants tend to overestimate genuine wins when LDWs are present. This study reports an independent replication of these findings in a large online sample that included a substantial number of individuals reporting high-risk gambling and frequent EGM users. MethodsThis online study recruited a sample of 940 participants who were randomly assigned to view one of two brief videos. Each video displayed a short period of simulated online slot machine gambling and included 2 genuine wins and either 3 or 0 LDWs. Participants were asked to estimate the number of times a win occurred that was more than the amount bet. Participants also completed the Problem Gambling Severity Index. ResultsThe mean estimated number of genuine wins was significantly larger for the condition displaying LDWs, 3.02 [95% CI = 2.82, 3.21] than the control condition, 2.14 [1.98, 2.30], t(887.66) = 6.78, d = 0.44, p <.001. ConclusionsWe replicated the LDW‐triggered win overestimation effect previously reported in lab-based experiments that have recruited smaller samples. This effect was robust in both low-risk and high-risk groups, indicating that even experienced gamblers remain susceptible. Exploratory modelling suggested only a minority of individuals were uninfluenced by LDWs.

Interpassive Gambling

Slot machines are recognized as a particularly risky form of gambling. However, there is a form of slot machine consumption that seems to have largely escaped the notice of regulators and scholars: the streaming of slot machine play on YouTube and other platforms. In this article, we present the results of our qualitative study of 21 slot machine videos. Our study examines how these videos portray gambling and how they align with the norms of YouTube’s platform economy. Our analysis underscores the representation of slot machine gambling in this under-regulated media, emphasizing different tactics of viewer manipulation. We introduce the concept of interpassive gambling to reflect the ways that user-generated videos are a form of diffusion of gambling mechanics beyond traditional gambling venues. We conclude by calling for more scholarly and regulatory attention to this gamblified site of media consumption.

Brain activation in patients suffering from gambling disorder: an fMRI study using the cue reactivity approach for slot-machine gambling

IntroductionThe relevance of behavioral addictions (like gambling or internet gaming disorder) is growing constantly - not only in clinical practice, but also as a topic in addiction research. Furthermore, behavioral addictions were found to share similar neurobiological mechanisms with substance-use disorders like alcohol or drug addiction. Cue reactivity is a well-established concept to study an important concept in addiction: craving, which denotes the strong desire to consume the addictive substance. For instance, images of alcoholic beverages can induce a strong desire to drink alcohol in patients with alcohol addiction, reflected in brain activation in parts of the reward system and regions specifically involved in craving.ObjectivesIn order to extend existing findings to the field of slot machine gambling, we focused on patients suffering from gambling disorder (GD) and who mainly played slot-machines. We investigated neural activation as a response to addiction-related cues (in comparison to neutral cues) using a cue reactivity paradigm.MethodsTo that end, participants with a diagnosis of GD (N = 10) and a group of healthy controls (N = 20) viewed pictures of gambling-related cues (slot machines) as well as neutral cues (ticket vending machines), while brain activation was recorded using functional magnetic resonance imaging (fMRI). Direct comparisons of patients suffering from GD with healthy controls were analyzed for the two different image types (gambling-related vs. neutral) separately.ResultsWe found stronger activation in the insular cortex for patients with GD only during presentation of the slot-machine images, but not for the neutral cues. Furthermore, for the slot-machine condition also stronger activation in the dorsal anterior cingulate cortex (dACC) and the supplementary motor area (SMA) was documented for the clinical population but not for the healthy controls.ConclusionsIn line with previous findings, the visual presentation of gambling cues led to stronger brain activations in parts of the reward system (dACC) and in the insula, which plays a crucial role in addictive disorders, especially in craving. Our results further add to the notion that brain areas involved in substance-use disorders might also play an important role in behavioral addictions. Specifically, our findings extend existing results to the research field of slot-machine gambling in the context of craving.Disclosure of InterestNone Declared

Behavioral Responses to Losses Disguised as Wins: A Field Study of Slot Machine Players.

We present the results of a field study examining the effect of losses disguised as wins (LDWs) on subsequent slot machine gambler betting behavior. An LDW occurs when the amount won is less than the amount bet. Using non-experimental, individual transaction gambling data, we examine post LDW betting behavior in a panel of 42,669 gamblers and 17million slot machine plays. The primary empirical findings include: (1) streaks of three LDWs greater than 75% of the original amount bet lead slot gamblers to increase the amount bet on the next spin; (2) streaks of three LDWs less than 25% of the original amount bet results in gamblers decreasing their bet size on the next spin; (3) slot machine gamblers play faster following streaks of three LDWs compared to losses. We interpret these behavioral findings of differing outcomes associated with small versus large LDWs as consistent with a cognitive dissonance effect (Festinger, 1957). Specifically, the disconnect between the amount "won" (actually lost) and the audio and video stimulus produced by the slot machine highlighting the LDW, produces a dissonance-related arousal that players seek to avoid or reduce leading to changes in betting behavior. Our results complement the experimental findings on LDWs and suggest that the size of the LDW matters in examining the impact on gambling behavior.

Priming effects of a slot machine game and amphetamine on probabilistic risk-taking in people with gambling disorder and healthy controls

ABSTRACT Introduction The Game of Dice Task (GDT) captures probabilistic risk-taking, which is an important feature of addictions and integral to gambling disorder (GD). No research appears to have assessed effects of gambling-specific priming manipulations or the pharmacological basis of such effects on the GDT. Aims To investigate effects of slot machine gambling (Slots) and d-amphetamine (AMPH; 20 mg) on risk-taking in people with GD and healthy controls (HCs) (n = 30/group). The role of dopamine (DA) was assessed by pre-treating participants with the D2 receptor (D2R)-preferring antagonist, haloperidol (HAL; 3-mg) or mixed D1R-D2R antagonist, fluphenazine (FLU; 3-mg). Hypotheses Slots and AMPH will each increase risk-taking based on fewer (less probable) possible outcomes selected (POS) and poorer net monetary outcomes (NMO; gains minus losses) on the GDT, with stronger effects in Group GD. If DA mediates these effects, outcomes will vary with pre-treatment. Method Participants attended a pre-experimental baseline session and 4 test sessions. Antagonist Group (HAL, FLU) was manipulated between-participants. Pre-treatment (antagonist, placebo) was manipulated within-participants and counterbalanced over sessions for Slots and AMPH test phases. Moderator/mediator effects of trait and neuropsychological factors and GD severity (South Oaks Gambling Screen; SOGS) were explored via covariance. Results AMPH led to an escalation in risky POS over trial blocks in both groups, regardless of pre-treatment. Cognitive inflexibility (high perseveration-proneness) moderated this effect in Group HC. In Group GD, SOGS selectively predicted riskier POS on AMPH sessions. Group GD achieved poorer NMO vs. Group HC on the pre-experimental baseline and Placebo-Slots sessions. Group HC selectively displayed poorer NMO on the Antagonist-Slots session. Conclusions The GDT can detect behavioral and pharmacological priming effects. Cognitive inflexibility and symptom severity moderate AMPH-induced risk-taking in HC and GD participants, respectively. Sensitization-related “wanting” of risk may contribute to the latter effect in people with GD.

Do pupillary responses during authentic slot machine use reflect arousal or screen luminance fluctuations? A proof-of-concept study.

Modern slot machines are among the more harmful forms of gambling. Psychophysiological measures may provide a window into mental processes that underpin these harms. Here we investigated pupil dilation derived from eye tracking as a means of capturing changes in sympathetic nervous system arousal following outcomes on a real slot machine. We hypothesized that positively reinforcing slot machine outcomes would be associated with increases in arousal, reflected in larger pupil diameter. We further examined the contribution of game luminance fluctuations on pupil diameter. In Experiment 1A, experienced slot machine gamblers (N = 53) played a commercially-available slot machine in a laboratory for 20 minutes while wearing mobile eye tracking glasses. Analyses differentiated loss outcomes, wins, losses-disguised-as-wins, and (free-spin) bonus features. Bonus features were associated with rapid increases in pupil diameter following the onset of outcome-related audiovisual feedback, relative to losses. In Experiment 1B, luminance data were extracted from captured screen videos (derived from Experiment 1A) to characterize on-screen luminance changes that could modulate pupil diameter. Bonus features and wins were associated with pronounced and complex fluctuations in screen luminance (≈50 L and ≈25L, respectively). However, the pupil dilation that was observed to bonus features in Experiment 1A coincided temporally with only negligible changes in screen luminance, providing partial evidence that the pupil dilation to bonus features may be due to arousal. In Experiment 2, 12 participants viewed pairs of stimuli (scrambled slot machine images) at luminance difference thresholds of ≈25L, ≈50L, and ≈100L. Scrambled images presented at luminance differences of ≈25L and greater were sufficient to cause pupillary responses. Overall, pupillometry may detect event-related changes in sympathetic nervous system arousal following gambling outcomes, but researchers must pay careful attention to substantial in-game luminance changes that may confound arousal-based interpretations.

Gambling Environment Exposure Increases Temporal Discounting but Improves Model-Based Control in Regular Slot-Machine Gamblers.

Gambling disorder is a behavioral addiction that negatively impacts personal finances, work, relationships and mental health. In this pre-registered study (https://osf.io/5ptz9/) we investigated the impact of real-life gambling environments on two computational markers of addiction, temporal discounting and model-based reinforcement learning. Gambling disorder is associated with increased temporal discounting and reduced model-based learning. Regular gamblers (n = 30, DSM-5 score range 3-9) performed both tasks in a neutral (café) and a gambling-related environment (slot-machine venue) in counterbalanced order. Data were modeled using drift diffusion models for temporal discounting and reinforcement learning via hierarchical Bayesian estimation. Replicating previous findings, gamblers discounted rewards more steeply in the gambling-related context. This effect was positively correlated with gambling related cognitive distortions (pre-registered analysis). In contrast to our pre-registered hypothesis, model-based reinforcement learning was improved in the gambling context. Here we show that temporal discounting and model-based reinforcement learning are modulated in opposite ways by real-life gambling cue exposure. Results challenge aspects of habit theories of addiction, and reveal that laboratory-based computational markers of psychopathology are under substantial contextual control.

Subjective and Cardiovascular Responses to an Acute Laboratory Gambling Task in Men and Women.

Men have previously been overrepresented in gambling for money but in recent years there has been an increase in recognition that women who gamble are “catching up” with their male counterparts. There have been few experimental studies investigating the subjective effects of gambling, and even less have explored the gender differences. As gender differences previously have been reported in the subjective effects of several drugs of abuse such as opioids, amphetamines and alcohol, we sought to investigate if the subjective effects of gambling also differed by gender. The present article analyzes if gender modulates the subjective and physiological effects of an acute laboratory gambling task in healthy men and women. Eighty-two men and women (n = 35 men, n = 47 women) were tested with an online slot machine gambling session and self-report questionnaires of mood and blood pressure were taken before and after gambling. Both men and women showed stimulatory effects of gambling i.e., feelings of high and euphoria and but no differences were found between genders. Findings suggest that both men and women equally experience a pattern of stimulatory effects of gambling from the gambling situation. Gambling therefore seems to have the same abuse potential in both men and women. Although the gap between men and women is narrowing, immediate subjective and physiologic responses do not explain gender differences in the epidemiology of pathological gambling. The contexts and factors that foster or hinder the evolution of gambling addiction in males and females should be further explored. This conclusion is interesting in light of that men are over three times more at risk to experience gambling related problems than women and this risk may depend on other factors involved in the development of addiction.

Behavioral analysis of habit formation in modern slot machine gambling

ABSTRACT Habit formation is a key process in contemporary models of addictive behaviors but has received limited attention in the context of gambling and problem gambling. Methods for examining habit formation and expression in relation to gambling are also lacking. In this study, 60 participants with no prior slot machine experience attended three sessions spaced 6–8 days apart, during which they played a short 200-spin session on a realistic simulation of a modern multi-line slot machine. Behavioral data were analyzed to characterize habit formation within and between sessions. Fixed-effects regressions, integrating trial- and session-level effects, assessed predictors of gambling speed (spin initiation latencies) and betting rigidity (the likelihood of switching the bet amount), as two putative markers of habit formation. Participants gambled faster and showed less variability in betting strategy as they accumulated experience in the number of trials and sessions gambled. Simultaneously, as the number of sessions gambled increased, participants showed a more pronounced tendency to slow their betting after larger wins (i.e. the post-reinforcement pause increased from session 1 to session 3). Our methods provide a basis for future research to examine habits in the context of slot machine gambling.

Phenotype of Gambling Disorder Patients with Lotteries as a Preferred Form of Gambling

Lottery gambling can become an addictive behavior which can significantly interfere with daily functioning. The objectives of this work were to estimate the prevalence of lottery gambling, to assess the profile related to this gambling type in a large clinical sample of patients who met criteria for gambling disorder (GD), and to compare this profile with the other two non-strategic forms of gambling (slot-machines and bingo). Sample included n = 3,531 patients consecutively attended for treatment-seeking due to gambling-related problems. All the participants met criteria for GD and were into the range of 18 to 85 years old. Sociodemographic variables, GD severity, psychopathological state, and personality traits were assessed. Statistical comparisons between the groups defined by the patients’ gambling preference (lotteries versus other gambling activities) were conducted, with chi-square test and analysis of variance. The prevalence of lotteries as the only gambling activity was 2.5%, 8.9% for lottery gambling as primary activity with other secondary gambling types, and 20.6% for lotteries as primary or secondary gambling activity. Lottery gambling and bingo gambling were more prevalent among women (bingo included the highest percentage of women). Compared to slot machine gambling, lotteries and bingo grouped older patients and those with later age of onset of the gambling-related problems. Bingo gambling showed the highest psychological distress and the most dysfunctional personality traits. This study shows the high frequency of lottery gambling among treatment-seeking for GD patients, and it provides empirical evidence about the profile associated with this gambling activity compared to other non-strategic gambling forms. The likelihood of lottery gambling is higher for women, patients married or living with a stable partner, and those within higher social position indexes.

Cashless gambling and the pain of paying: effects of monetary format on slot machine gambling

Advances in cashless technologies create a dilemma for gambling regulators. Research indicates that cash purchases entail a ‘pain of paying’ that is attenuated with more abstract forms of payment, yet limited research has directly tested the impact of mode of payment on gambling behavior. Across two experiments, community-recruited gamblers were randomized to use an authentic slot machine in the laboratory, under different conditions of monetary endowment. In Experiment 1 (n = 61), participants were endowed with funds to play the slot machine, in either a cash or voucher format. In Experiment 2 (n = 48), participants acquired the cash endowment as a windfall or from an earning task. In session-level analyses, bet size and bet volume did not vary as a function of monetary condition. In more sensitive trial-level analyses, no interactions involving the monetary manipulations were consistent across the two experiments. Data from both experiments indicated faster spin initiation latencies as a function of losing streak length, and slower spin initiation latencies and larger bet size as a function of the prior win magnitude. These trial-level analyses show systematic influences on gambling behavior in the laboratory environment, supporting the basic sensitivity of our design. Overall, our data provide weak evidence for the hypothesis that monetary factors influence gambling tendencies. Acknowledging the possibility of the null hypothesis, these data also highlight the methodological challenges with manipulating monetary value in gambling research, including the use of endowed funds, and controlling for sources of variability when using authentic slot machines.

Regulatory Measures' Effect on Gambling Participation: Experiences From Norway.

The purpose of gambling regulation can be to ensure revenue for the public, to prevent crime and gambling problems. One regulatory measure involves restriction of what games can be offered in a market. In this study, the effects of two regulatory market changes are investigated: First, a restriction of availability when slot machines were banned from the Norwegian market in 2007, and second the introduction of regulated online interactive games to the same market in 2014. Data collected from the general population in the period from 2005 through 2018, comprising 2,000 respondents every year, are used to investigate how participation in gambling changed over time. The respondents were asked if they took part in various games or lotteries. Logistic regression analyses were used to predict the proportion participating in five groups of games and if changes in participation coincided with major market changes. The first change was associated with a reduction in gambling on slot machines as well as a reduction in gambling participation overall. Following the slot machine ban, results show an increase in women participating in games offered in land-based bingo premises. A general increase in gambling on foreign websites was also seen, albeit much smaller than the reduction in slot machine gambling. The increases can partly be explained as substitution of one type of gambling with another. New regulated online interactive games were introduced in 2014. Despite the relatively large growth of such games internationally, Norway included, increased online gambling in general and an increased marketing of foreign gambling websites, the participation on foreign websites seemed stable. However, the overall participation in online interactive games increased. The introduction of the regulated alternative seems to have had a channelizing effect. Overall, the changes in gambling participation coinciding with two major regulatory changes can be explained by transformations of physical and social availability, and in terms of mechanisms outlined by the model of total consumption.

Empirical Evidence Relating to the Relative Riskiness of Scratch-Card Gambling.

Scratch cards (SCs) or tickets are lottery-based games which are played by scratching to reveal numbers, letters or symbols to win prizes. Such activities have sometimes been likened to paper-based slot-machines, but relatively little systematic analyses have been conducted to examine the risk or harm associated with these activities. In this paper, we provide a narrative review of the peer-reviewed literature relating to the potential association between SCs and problem gambling and what is known from publically available data sources (e.g., prevalence studies and treatment data). Evidence is analysed within the context of the Bradford Hill Criteria. Both prevalence and peer reviewed literature suggest that SCs are less strongly associated with problem gambling than most other gambling activities. We argue that this difference is due to the nature of the products. SC gambling differs from slot-machine gambling in a number of structural ways; it is less continuous; has a slower event frequency; and, emerging literature suggests that near-miss design features are unlikely to have a significant impact upon behaviour. Thus, in our view, and based on the empirical evidence, it appears that earlier parallels between SCs and slot-machines now appear more tenuous. Nevertheless, we encourage further investigation into the potential impact of new and emerging online lottery products because of the more immersive, faster and more technology-based nature of these products.

The effect of paper outcomes versus realized outcomes on subsequent risk-taking: Field evidence from casino gambling

We test the realization effect, i.e., that risk-taking is greater after paper outcomes than after realized outcomes, using gambling data from a real casino. During a particular casino visit, customers likely perceive that gains and losses are paper outcomes, whereas leaving the casino realizes the final account balance. Using individual-level slot machine gambling records, we find that risk-taking after both paper losses and paper gains increases within a visit and that this effect is more pronounced for larger outcomes. Conversely, realized losses from earlier visits significantly decrease risk-taking if losses are comparatively large, whereas comparatively small realized losses and realized gains do not alter risk-taking. These results provide important field validation of the realization effect in an environment with positively skewed lotteries.