How to Avoid Chasing Losses When Sports Betting
Commonly, when a sports bettor finds himself on a losing streak, he tends to bet more than usual to “recoup” the money 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 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 simple terms, participants who chased their loses focused solely on the good result; and conversely, the bad result when they finally made a decision to quit.
Of course, as a human being, there’s no way you can totally wipe out your loss-chasing tendencies.However, there’s a way to plan for it and control it, thus lowering your chances of reacting in a negative manner.
So what type of plan do you need to avoid chasing losses?Just decide on the four below and follow through:
1. How much you’ll be comfortable to lose
2. Unit size (usually 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.)
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. Don’t increase your unit size just because you’ve been losing recently.
2. Don’t bet unplanned.
3. Win or lose, take a cooling break after every bet.
4. Don’t bet when you’re intoxicated or under any kind of stress.
5. Treat every bet independent of earlier 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 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. 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.