3 Lessons Learned: Sports
How to Avoid Chasing Losses When Sports Betting
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 research has even been conducted on it in various places around the world.Among the most popular inquiries on chasing losses was done at the Department of Experimental Psychology at University of Oxford in the UK, where they found that chasing losses had something to do with increased activity in sections of the brain that were associated with reward expectation and incentive-motivation.
On the other hand, quitting was related to decreased activity in these same specific areas but increased activity in those that were linked to anxiety and conflict sensitivity. 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 there’s a way to plan ahead to control it and avoid responding negatively to the situation.
So what type of plan do you need to avoid chasing losses?Just decide on the four below and follow through:
1. Money you can afford to lose
2. Your unit size (typically 1 to 5% of number 1)
3. Sport(s) to 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. Whether you win or lose, take a break after each bet.
4. Don’t bet drunk or when you’re dealing with any kind of stress.
5. Treat each bet differently from previous bets.
6. Don’t get score alerts if you no live bet strategy.
The above-mentioned rules are related in certain ways, but when you read them separately, you can get varying perceptions of your emotions as well as you betting tendencies. This also helps you gain a better understanding of the factors individually, and in their general context. Awareness is most important, and when you can pinpoint these situations, you will be able to avoid chasing your losses. 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. It’s fine and definitely normal to feel this way, but what’s important is that you can identify it, have a strategy to control it, and avoid betting until you are much better.