One of key commandments of successful sports bettors is to never chase betting losses.
All bettors, even the best, go through losing steaks.
A professional bettor’s ability to handle adversity often sets them apart from amateurs. What will you do if the majority of your bets fail? Learn to never panic.
Key Points
– When you chase betting losses, you set yourself up to go bankrupt.
– Stick to a sound money management strategy if you want to have betting success.
Be Calm & Continue Betting
There are some actions bettors should always avoid. Don’t panic, first of all. Think things through before placing large unit bets on long shots and refrain from placing irrational wagers on parlays.
It is extremely difficult to win even a two-team parlay. Those types of exotic bets should be a small part of your betting menu. Never use a parlay to make up for a series of losing bets. That’s just bad winning strategy.
When you experience a series of losses, maintain your financial strategy and make an effort to gain perspective. There are steps a sports bettor can take to stabilize losses and resume winning bets if they find themselves losing often.
Why Not Chase Betting Losses
Say you lose 15 bets in a row in a given week. You find what you think is the surest thing since Joe Namath predicted the Jets would win Super Bowl III.
Instead of following a good money management strategy, you decide to stake enough to make up for all of your 15 losses earlier in the week.
The problem is that the whole thing comes crashing down when your sure-thing bet falls through. Any attempts to repeatedly chase betting losses will result in financial ruin or worse. Don’t do it!
Why Not Stop Betting
Well, you can’t lose if you don’t bet, right? That’s true, but that’s not your goal. Your goal is to bet on sports and make a profit from it. You can’t do that if you don’t bet.
In order to continue betting though, you do need to regroup and get back to business. In other words, you’ll be conservative in terms of how many games and units you wager. You will go back to the basics and find value using your analytics and betting models.
When you’re experiencing a losing streak, your focus shifts to simply turning a profit. By the end of the week, you just want to stop losing and be in the black. You might come out one, two, or three units ahead. Simply put, you don’t want to have a deficit. Alternatively, if you are in the red, it is only by one or two units. You’re simply attempting to stop the negative flow.
How to Regroup
First, simply stick with the best lines you can find using your sports handicapping abilities. If necessary, reduce the cost of a betting unit. If you’ve been paying $100 per unit, you might want to reduce that to $50. Look for four to five value-based contests to bet on if you’ve been betting on eight to ten games.
Keep in mind that the ship might not immediately be turned around. Your main goal should be to start placing winning sports bets while also identifying the cause of your losing streak. You might even consider purchasing sports picks.
Whether you succeed or fail, you must keep tracking your results and improving your handicapping. Keep your eyes on the prize. It’s important to continue betting.
Practice Makes Perfect
You might also want to place some practice bets. In other words, handicap a few games without placing a wager. Check the outcomes to see how you did. What is the purpose of doing that?
Sometimes it is beneficial to follow the steps without putting any money on the line. If you’re right, you’ll feel more assured. You’ll gain confidence in going back to place bets. If you’re wrong, you have nothing to lose and can still try to understand what transpired and why.
Both “what happened” and “why” are crucial. Determine whether your loss was the result of a bad break, poor sports betting, or just an unexpected performance by the winning or losing team. Try and determine what you could have done differently or more effectively. Remember to consider only what you can control.
MUST READ >>> BUYING POINTS IN THE SPORTS BETTING MARKET
Chase Betting Losses – Not the Answer
You should focus on taking charge of your circumstance as your main goal. The first step to ending a losing streak and returning to the winning side of the ledger is to take action. Once you’ve completed that, you’ll be able to resume earning money.
Sometimes, taking a break from sports betting might be the answer. If you can’t find your bearings, you might just take a short break and refrain from betting for a while. The length of the break is up to the bettor. It might be a few days. It could be a few weeks. Regardless, it can help one regroup.
During the break, you may wish to complete those practice bets. When you return, you’ll be ready to get back at it.
You can resume betting with your original unit sizes and usual number of games once you’ve had a few wins under your belt. When you start winning again, you’ll regain confidence.
However, be careful not to push yourself too far. You must, once more, adhere to your plan and remain truthful to your financial situation. By doing that, you’ll be on the right track. You also won’t chase betting losses, which will help you find your way back to making profits.
