Going on a losing streak is an inevitable part of betting. Despite the research and strategy you use, you still need luck to be on your side, and it may desert you for a number of bets. However, how you handle these streaks is quite important as it affects your overall betting experience. It can help you recover your money, or it can lead you to more losses.
In this guide, we’ll look at several strategies that can help you manage your losses in sports betting. This will help improve your overall betting experience besides doing proper research and choosing the right sportsbook Arizona.
Maintain Perspective & Manage Emotions
Before you take any further action, it’s important to calm down and remember that losing is all part of sports betting. Since you are wagering on events that take place in the real world, it’s difficult to predict what happens accurately. Acknowledging this will go a long way in helping you not overact when you are facing short-term setbacks, and you can focus on the bigger picture more clearly.
However, this won’t mean you won’t feel frustrated or disappointed. These two are actually the main reasons behind clouded judgments, and you should ensure they don’t dictate your behavior. You can engage in activities outside sports for a few hours to calm down and clear your mind.
Avoid Chasing Losses
One of the most common pitfalls for sports bettors, when they face a losing streak, is trying to recover their money urgently. And to do this, they increase their bet sizes and even wager on riskier games as they offer bigger odds. This usually happens in the heat of the moment, so these games are not usually even well researched.
However, chasing losses usually leads to more losses in the long run. The decisions made when trying to recover money you’ve lost are often impulsive, so try to calm down and avoid them at all costs. Ensure you maintain your bet sizes and stick to your long-term plan.
Review Your Betting Strategy
A losing streak will make you feel that things are not working for you. And to change that, you can start by looking at what you are doing wrong. First, look at your betting activities during the period in question. What sports and games are you betting on, what are the markets you’ve mostly chosen, and what patterns are emerging? And before you placed the bets, did you do enough research?
From there, look at the bet sizes and whether they align with your overall betting strategy. The bet sizes should ideally be 1% to 2% of your bankroll and even smaller when they are parlay bets, or you are simply testing your knowledge in the game. Ensure you improve your strategy by enhancing your betting process. This can be through things such as improving your research or implementing better risk management policies.
Take a Break if Needed
A losing streak makes any bettor feel overwhelmed or emotionally drained. This can often go as far as affecting your mood, concentration, decisions, and overall well-being. When you start feeling that way, it’s important to take a break.
Taking a break doesn’t mean you’ve accepted defeat or are giving up on betting entirely. All it means is that you need to focus and recharge. During the break, your emotions will calm down, and you may even get a better perspective to help you in your future bets.
Seek Support and Learn from Others
You are not the first or the last to go through a losing streak, and millions of others have gone through much worse. As such, don’t isolate yourself when you feel it’s taking a toll on you. If you have someone you know who is a fan of sports betting, you can talk to them and ask how they’ve navigated such periods.
If you don’t want to talk to a specific person, there are lots of online communities on social media platforms such as Reddit that are dedicated to sports betting. You can ask questions or even read answers to questions already asked by others. Doing so will help you learn from the mistakes of others and gain knowledge that can help you improve your sports betting experience.
