Anybody that has bet on sports for long enough has probably experienced an extended winning or losing streak at some point in time. The difference between a successful sports bettor and an amateur sports bettor is that the successful sports bettor is able to deal with adversity and understands how important it is to avoid chasing your losses. When a number of your picks go south and you find yourself on a bad run, it’s crucial to take a step back and analyze what is happening in order to correct it and get back on track. Here is a look at why it’s so important to cut your losses when necessary in sports betting.
The worst thing you can do in sports betting is panic. It’s very easy to lose focus on what is happening when the losses start to pile up and the biggest mistake you can make is trying to make that money back in one shot. It’s critical to avoid dropping big bets in an effort to make a significant amount of money back at one time but that doesn’t stop so many casual bettors from doing it all of the time. Those bettors are usually focused on the idea of winning all of their losses back with one correct wager. What they tend to forget is that if they lose that wager they are even further in the hole and often by a very significant gap. If you find yourself on an extended losing streak then take a moment to step back and stabilize your losses before you push forward and try to get back on track.
When you are on a losing streak one key piece of advice to remember is that it is extremely difficult to turn things around right away. The main thing you want to do is start making progress in the right direction with your sports wagers and figure out how to slowly start building up the wins. Everybody that bets on sports has a bankroll or a limit on how much they could afford to lose so while the key is to win you also want to remember that it’s all over if you go bust. In the case of an extended losing streak, you might want to shift your focus to staying alive rather than trying to win all of your losses back. If you have money to wager then you are in position to turn things around. However, once your bankroll goes bust it’s all over.
The best approach to turning around a losing streak might be to start slow and build your confidence back up while slowing chipping away at your losses. The closer you get to making back that money the more confident you will become and it will be easier to make the right decisions when there isn’t the burden of losses negatively impacting your overall focus. The best handicappers in the world understand the importance of not chasing your losses and they are able to take a step back in order to stop the negative momentum and get back on track so keep that in mind the next time you find yourself struggling when it comes to sports betting.