Sports Betting – Chasing Losses and How to Avoid It
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 actually more real than you’ll ever 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. Your unit size (typically 1 to 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.)
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 increase your unit size just because you’ve been losing recently.
2. Don’t make a bet you weren’t planning on earlier.
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 each bet separately from others.
6. Get score alerts only if you have a live bet strategy.
Most of above rules are closely related but by reading them separately gives you different views of your emotions and your betting tendencies in general. Thus, you will also have a better understanding of each of the factors involved, as well as of their totality. Awareness is the secret, and the ability to identify these scenarios will help you avoid chasing. 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 acceptable and just normal that you feel like this, but it’s important that you can identify it, build a way to manage it, and stop betting until you’re feeling better.