Chasing losses is one of the easiest ways to lose your money!
Sports betting should be entertaining and fun first and an investment second. Otherwise, if you’re looking purely for investment there are other avenues which are much more suitable.
Whilst its fun to win, it is important to have discipline when betting, because things won’t always go to plan. By chasing losses you’ll find yourself digging a deeper hole in your wallet, it is the quickest way to find yourself in trouble!
Its bad practice to try and recover your losses quick and won’t work out without sheer luck. Increasing your stakes to try to recover what you’ve already lost will most likely lead to bigger losses and that cycle can repeat until you have nothing left.
You should always have a bankroll and a staking plan that you stick to!
The pitfall of chasing losses
- A massive increase in making bad betting decisions
- An increased chance of betting with money you can’t afford to lose
- Develop an addiction which can be life damaging
- Your funds could quickly diminish from scaling your bets to cover losses
No matter how great you are, we all have losses!
How to prevent chasing your losses
- Structure your stakes and create a plan
- Always think of the worst-case scenario. You could lose.
- Don’t risk money you can’t afford to lose, always bet with surplus cash
- Sometimes you will lose, think about the long-term investment, not about short-term wins
- Take a break, if you’re struggling to win and are on tilt, its great to take a break, that’ll keep you in the right frame of mind and untie you from typical emotional behaviours
We all get caught up sometimes in thinking our next bet is a banker, so its time to bet big and recover your previous losses. But nothing is guaranteed and previous track records don’t always prove to be reliable.
Chasing losses is a terrible betting strategy that can result in huge losses. It is important to be aware of how quickly chasing losses could cost you and that avoiding the temptation to go all-in on one bet is always the best choice