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 as real as sports itself.In fact, scientific research has even been conducted on it in various places around 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 contrast, quitting showed less activity in the same areas but more activity in areas associated with 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, as a human being, there’s no way you can totally wipe out your loss-chasing tendencies.But you can always plan ahead to control it as well as lessen your chances of responding negatively.
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. Unit size (usually 1-5% of number 1)
3. Sport(s) you want to bet on
4. Picking bets (value, analytics, situational, 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 a bet you weren’t planning on earlier.
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 every bet independent of earlier 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 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. If you bet while in a state of worry, resentment, or a feeling of bad luck, that is a bad bet from the get go, regardless of the outcome. 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.