How to Avoid Chasing Losses When Sports Betting
Usually, when a sports bettor realizes he’s on a losing streak, he may bet more than usual to “recover” whatever 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 research has even been conducted on it in various places around 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.
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. 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.However, there’s a way to plan for it and control it, thus lowering your chances of reacting in a negative manner.
So what kind of plan works against chasing losses?Just decide on four things:
1. Amount you are comfortable losing
2. Your unit size (typically 1 to 5% of number 1)
3. Sport(s) you will bet on
4. Picking bets (value, analytics, situational, etc.)
As soon as those details are all set, you can focus on the following rules to help you avoid chasing inevitable losses:
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. Have a cooling period following each bet, win or lose.
4. Don’t bet drunk or when you’re dealing with 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 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. 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. 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.