9 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 more scientific than you think.In fact, scientific studies have even been done on it everywhere in the world.A highly credible inquiry conducted on chasing losses, out of the Department of Experimental Psychology at University of Oxford in the UK, discovered that chasing losses engaged certain brain areas that managed a person’s reward expectation and sense of incentive-motivation.
In contrast, quitting showed less activity in the same areas but more activity in areas associated with conflict monitoring and anxiety. Simply put, subjects who chased mostly focused on the good outcome; and conversely, the bad outcome when they finally decided to quit.
Of course, as a human being, there’s no way you can totally wipe out your loss-chasing tendencies.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?Simply decide on these four ad be committed:
1. How much you’ll be comfortable to lose
2. Unit size (usually 1-5% of number 1)
3. Sport(s) to bet on
4. Choosing bets (analytics, value, etc.4. Picking bets (situational, tailing trusted cappers, etc.)
Once you’re ready with those details, you can work on the rules below, which can help you avoid chasing that inevitable losing streak:
1. Never increase your unit size simply because you had recent losses.
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.
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 gives you a better understanding of the individual factors, and of their totality. 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. 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.