Effects of winning versus losing, emotional states, and perceived luck on gambling behavior were experimentally examined among Japanese undergraduates. Participants (21 males and 21 females) performed a Game of Dice Task that consisted of 18 gambling trials. Their emotional states and perceived luck were assessed before the first trial and after every trial. The results indicated that after participants experienced wins, compared to losses, their emotional state became more positive and aroused, and their perceived luck increased. Additionally, their next gambling choice became more cautious after participants experienced losses, compared to wins with cautious gambling. These results suggest that the effects of winning versus losing are significant for understanding the mechanisms of gambling behavior.