The present research explored the main factors able to influence the subjects' choices in the case of decisions and distinguish between high- and low-risk decisions. Behavioral responses (Iowa Gambling Task [IGT]), meta-cognitive strategy, and event-related potential (feedback-related negativity [FRN] and P300) effects were used as predictive markers of gambling behavior. Behavioral activation system (BAS)-reward measure was applied to distinguish between high-BAS and low-BAS. It was found that higher-BAS opted in favor of the immediate reward, with a concomitant dysfunctional metacognition of their strategy. Finally, a consistent "reward bias" affected the high-BAS performance reducing the P300 and FRN in response to unexpected (loss) events. The cortical localization (sLORETA) of ERPs showed the contribution by distinct anterior and posterior areas.