Near-miss plays an important role in the development of gambling addictions. In this study, we measured the neural correlates of the process by which near-miss outcomes are evaluated in simplified, static, slot-machine gambling using event-related potentials. Analysis of event-related potentials revealed that the size of FRN (feedback-related negativity) for a near miss is between the full miss and the win. These results suggest that participants distinguish among near misses, full misses, and wins during the early evaluation phase. The subjective value and objective value of outcome were assessed separately to discuss FRN on outcome evaluation. It is suggested that FRN is mediated not only by the objective value of outcomes but also by the subjective value of feedback.