This study investigated loss aversion in individuals addicted to gambling and alcohol. The participants were 19 pathological gamblers, 15 individuals addicted to alcohol, and 17 healthy individuals. They completed a loss aversion task while their brain activity was being measured with functional magnetic resonance imaging. Compared to healthy individuals, both pathological gamblers and those addicted to alcohol showed lower loss aversion. Specifically, these two groups were less sensitive to losses. Compared to healthy individuals, those addicted to alcohol had altered brain activity in the lateral prefrontal regions when dealing with losses. Pathological gamblers had altered brain connectivity between the amygdala and the posterior orbito-frontal cortex when dealing with gains. This altered connectivity may have caused lower loss aversion as losses become less salient when gamblers gain more money.