This week the Cheltenham Festival takes place, the biggest horse racing festival of the year in the United Kingdom. Four days of top racing as the very best horses, jockeys and trainers from Britain and Ireland compete for the glory and prestige of a Festival winner. It’s the World Cup of equine sport, think Kentucky Derby and Melbourne Cup rolled into one and then spread out over 28 races.
I used to be obsessed with Cheltenham. It was my Christmas Day. I didn’t bet excessively throughout the year, but from January onwards would start to study the racing form in forensic detail, trying to pick out Cheltenham winners. The house would become cluttered with racing papers and I would spend my lunch breaks scuttling round the city’s bookmakers looking for the best prices.
Come Cheltenham week itself, I was a nervous wreck. I would always take the week off work and watch every race, a case of beer at my feet. My stomach would be in knots as I jumped every hurdle and willed my horse to be first across the finishing line. Sometimes they were, but invariably they were not and my racing funds would steadily become more depleted. The initial excitement would turn to despair and self recrimination.
The buzz would dissipate and the ‘poor me’ mentality descend upon my shoulders like a robe of disgrace. Why had I been so stupid to fritter away the little money I had on a useless nag who was still toiling several minutes after the rest of the field were home and hosed? I would wake up every morning, hungover and miserable. A wise man would have got out while he could. Instead, I chased my losses.
For the uninitiated this means placing increasingly large bets in the hope of recouping the money you have already lost. Speculating to accumulate. Punters call it ‘getting out.’ Sometimes it works, and that 33-1 long shot romps home, amidst scenes of wild hysteria. Grown men hug each other and backs are slapped as we smugly collect our winnings. These moments, however, are few and far between.
Normally you lose, and dig an even bigger financial hole for yourself. You fail to see the warning signs and instead hurtle down the track towards oblivion. You are that train wreck. I would wake up the morning after the festival with a bruised liver and even more bruised ego. Vowing to never again indulge in such reckless abandon. Until the next time. For it was only 364 days until the next Cheltenham.
I don’t bet on the horses anymore but it was another manifestation of the addictive behaviour which ruled my life with an iron rod for many years. Horses, alcohol, people, I was easy prey to them all. There was no filter, no panic button, no emergency brake. I chased my losses, until I stood teetering on the brink, staring down into the abyss below. Just one more step. One more step. Chase your losses to the bitter end.
You might be chasing your losses today. It could be anything. Alcohol, drugs, relationships, the list in endless. My advice? Get out. By whatever means you can. Break the cycle and run as fast as you can in the opposite direction. While you still can. For the abyss will swallow you whole if you take that final step. Only the blind chase their losses. Open your eyes before it’s too late. Chase the things in life that matter.
Are you chasing your losses today?
Have you chased your losses in the past?
How did you break the cycle?