Smart Ideas: Bets Revisited
How to Be a Smart Sports Bettor by Not Chasing Losses
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 more scientific than you think.In fact, there have been many scientific studies conducted on it the world the world over.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 an opposite effect, quitting was related to less activity in these very areas but more activity in those that handled conflict monitoring and anxiety. In simple terms, participants who chased their loses focused solely on the good result; and conversely, the bad result when they finally made a decision 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 type of plan do you need to avoid chasing losses?Simply decide on these four ad be committed:
1. Amount you are comfortable losing
2. Your unit size (typically 1 to 5% of number 1)
3. Sport(s) to 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. Never increase your unit size simply because you had recent losses.
2. Don’t make unplanned bets.
3. Whether you win or lose, take a break after each bet.
4. Don’t bet when you’re intoxicated or under any kind of stress.
5.Treat each bet separately from others.
6. Don’t get score alerts if you no 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. This also gives you a better understanding of the individual factors, and of their totality. 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. 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.