This study was the first to examine near-misses using virtual reality. It focused on understanding people’s autonomic arousal and behavioural responses when experiencing near-misses. Participants were adults without a history of problem gambling. Results showed that heart rate slowed down when waiting for the outcome and sped up after knowing the outcome. Participants’ heart rate sped up immediately after experiencing near-misses and losses. Their heart rate slowed down for longer after wins. Further, participants paused for longer after wins. It took less time for them to initiate the next spin after losses and near-misses. Participants with higher levels of impulsivity did not respond differently to near-misses from losses or wins.