Anticipated Regret, Risk Perception, or Both: Which is Most Likely Responsible for Our Intention to Gamble?

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Abstract
The current study investigated whether risk aversion or regret aversion could be related to a lower intention to gamble, and whether the type of gambling was a moderator of this relationship. The study took place in Macau, often called “the Las Vegas of East Asia.” A total of 373 Macau residents completed a questionnaire survey dealing with thirteen types of gambling. The results showed that risk perception and anticipated regret had a significant negative effect on the intention to gamble. This negative effect was domain-specific, varying with the type of gambling. Our findings indicated that neither risk aversion nor regret aversion can uniquely explain an individual’s risk-taking tendency consistently. Instead, which factor plays a greater role in lowering the intention to gamble—regret aversion, risk aversion, or both—is itself dependent on the type of gambling involved. The finding that not all gambles are created equal could be useful in gambling prevention and advertising appeal by providing a basis for understanding the role that cognitive and emotional factors play in different types of gambling.

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