This study examined chasing losses in 216 Italian adolescents aged 16 to 19 years old. Participants played a computerized card game and were randomly assigned to either keep their starting €10 or lose more than that amount. Experiencing a loss did not make participants more likely to decide to keep gambling, but among those who did choose to continue, it led them to gamble for longer. Gambling-related false beliefs and a tendency to focus on the present, rather than future consequences, were the strongest predictors of both initiating and persisting in chasing losses. Alcohol use was linked to how long participants chased their losses, but not to whether they decided to chase losses in the first place.