How to Be a Smart Sports Bettor by Not Chasing Losses
In many cases, when a sports bettor gets on a losing streak, he only bets more than usual to “back back” the money he lost. This is referred to as chasing losses, which only ends up in more losses, and then the chasing begins again and the losses too, etc.This is called chasing losses, which leads to even more losses, more chasing, more losses, etc.This is what we call chasing losses, which only brings more losses and then more chasing and so on.
This phenomenon is actually more real than you’ll ever think.In fact, scientific studies have even been done on it everywhere in the world.One of the most credible inquiries on chasing losses was performed out of the
Department of Experimental Psychology at University of Oxford in the UK, in which it was found that chasing losses was linked to increased activity in parts of the brain that controlled a person’s sense of incentive-motivation and reward expectation.
In an opposite effect, quitting was related to less activity in these very areas but more activity in those that handled conflict monitoring and anxiety. In short, those who chased mainly focused on the positive result; and conversely, the negative result when they decided to stop.
Of course, because you’re human, there’s no way to totally eliminate your tendency to chase a loss.But you can always plan ahead to control it as well as lessen your chances of responding negatively.
So what sort of plan specifically will help you avoid chasing losses?Just decide on the four below and follow through:
1. Amount you are comfortable losing
2. Unit size (about 1-5% of number 1)
3. Sport(s) you will bet on
4. Choosing bets (analytics, value, etc.4. Picking bets (situational, tailing trusted cappers, etc.)
When you’re all set with those details, you can add these rules on how to handle the unavoidable losing streak without chasing:
1. Don’t up your unit size because of losses you recently had.
2. Don’t make unplanned bets.
3. Win or lose, take a cooling break after every bet.
4. Don’t bet drunk or when you’re dealing with any kind of stress.
5. Treat every bet independent of earlier bets.
6. Get score alerts only if you have a live bet strategy.
Most of the the said rules are connected in some ways, but by reading them separately, you can have different perceptions of your emotions and general betting habits. This also helps you gain a better understanding of the factors individually, and in their general context. It’s all about awareness, and the ability to identify these situations will help you avoid the chasing game. Betting in a state of resentment, worry or fear of bad luck is a bad bet automatically, and it doesn’t matter if it wins or not. This is okay and even normal to an extent, but just make sure you know how to identify it when it comes, prepare a strategy to contain it, and just quit betting until you feel a lot better.