If you bet on sports, chances are you’ve found yourself in a position where you are desperate to recoup your money. And to do that, you place more bets, which are usually riskier with a possibility of big returns. This is called chasing losses, and it’s one of the most common pitfalls for bettors.
If you want to be responsible in your betting and gambling activities, you have to find a way to avoid chasing your losses. This will put you in a better position to take advantage of the best NBA prop bets today.
Why do gamblers chase losses?
The issue of chasing losses is quite psychological. First, as humans, we are designed to avoid losing situations. And although we can understand that losses happen, a string of them can be very triggering. This is amplified by situations such as “near misses” on consecutive bets. Such situations usually arouse many emotions that can make you angry or simply desperate to win or even recoup your entire bankroll.
Besides that, you can find yourself in the bad position of chasing losses as you’ve lost money you can’t afford to lose. This is usually a result of using money that was meant for something else, and it usually leads to panic and desperation.
There’s then the dopamine released by the brain when gambling. Lots of people often get lost in the feel-good effect and thrill of gambling and think that if they continue playing, they’ll eventually break even.
However, bettors who chase losses often stake bigger amounts and bet on games that they’ve not analysed well. This usually leads to more losses in the long run, and it can lead to financial difficulties.
How to avoid chasing losses in sports betting
Set a budget and stick to It
Setting a budget and being disciplined enough to stick to it are two of the most important things if you want to avoid the trap of chasing losses. To do this, come up with an amount of money that you can afford to spend over a period, such as a week or a month. This should be an amount that you can lose comfortably, and it will prevent you from making impulsive decisions. And when you exhaust your budget, wait for the next period before you can deposit more money.
Employ bankroll management
Simply setting a budget is not enough. To remain responsible, you need to come up with a few techniques that you can use to ensure that you don’t exhaust your budget too soon. This is because if you do, you will easily be tempted to deposit more. For a start, divide your budget into small portions. If it’s monthly, divide it into weekly amounts. You can then move on to the days when you place most bets, especially the weekends. Subdivide the weekly allocation, and then come up with the maximum amount you can use on a single bet. Stick to it.
Control your emotions
If you find yourself in a string of losses, it’s natural to feel frustrated, disappointed, or desperate to recoup losses. However, it’s important to understand that that’s the worst time to place a bet. Whenever you feel that way, take a step back from betting. You can engage in other activities that will distract you to ensure that when you place the next bet, it’s based on logic and reason.
Focus on quality over quantity
It’s not about the number of bets you place but the quality of the bets. Instead of placing lots of bets to “win some and lose some,” select a few. These should ideally be games in sports or leagues you are familiar with. You can then analyse the games well to find value. Avoid placing random or impulsive bets at all costs.
Understand that losses are part of the game
Regardless of how skilled you are, you will lose some bets. And if the losses are consecutive, that’s still part of the game. Therefore, you shouldn’t feel that you need to correct that as soon as possible by placing more bets. Understand that losing several consecutive bets doesn’t guarantee that you’ll win the next few. Instead, go over your strategy and focus on the long game. You can recoup the losses from this week, next week, or next month if you have a good strategy. But if you become desperate, you’ll also become reckless and lose more.
