We’ve written a lot about betting strategies and how easy it is to chase your losses. You lose £10, double down and then get trailing losses until you’re down £200, it can happen very easily, within a moment whilst we’re at our most emotionally desperate to win, and sometimes, given your mindset, it is wiser to just stop than to chase that initial £10 loss.
So in this article, we’ll discuss how to bounce back from a losing streak, break it and keep a level headed state of mind whilst you’re in one!
Identifying a Losing Streak
There is no doubt sports betting is fun, who isn’t hyped up for upcoming matches, ready to put some skin in the game and wanting to make a profit, but the truth is gambling can be unpredictable and things don’t always go to plan, instead of spoiling the moment, however, you should try to identify a losing streak and, when the fun stops, so should your betting spree.
So what is a losing streak? That depends on your risk tolerance and your bankroll, a losing steak could be 3 losses in a row for some and 10 losses in a row for others, it would also depend on what sports you’re betting on, as losses may be more expected if you’re betting on Dogs compared to Football.
How damaging that losing streak is, also depends on these factors. What you want to focus on, is identifying a losing streak early enough, so that it doesn’t cause a large amount of damage.
Some rough guidelines for identifying a losing streak is if you have had 3 – 5 losses in a row or lost 5% to 10% of your bankroll in a day. That’s when you should push the breaks and start to reflect on what you’re doing or just stop at least for the day and reevaluate tomorrow.
Accept Losing Streaks as a process
You want to take a mindset shift from looking at the outcomes of games and instead focusing on the bigger picture, it’s inevitable you will lose and quite likely you’ll have multiple losing streaks in your betting career and that is fine, as long as you’re sticking to a solid strategy! Instead of focusing on the outcome of each game, focus on the process, the long-term ups and downs but edging on profit month by month, so when you’re on a losing streak, definitely do not start winging it or going off gut feelings, instead:
- Carrying out the research
- Putting thought into all of your betting decisions
- Doing your due diligence
- Having the resilience to ride out a losing streak
Reflecting on your Losses
If you have just lost a game, a good coach will focus on the whole picture, the wider perspective, instead of tunnel visioning on certain points.
If you’re on a losing streak, in a calm state you should always be asking these questions:
- What went wrong?
- What can we learn from it?
- What strengths can we build upon to prevent losing again?
A bad coach will berate you into the ground, hounding on all your failures until that’s all you can see, start taking extremely risky plays to get back on track, at the risk of sinking deeper into a loss.
But focusing on solutions and your strengths is how you improve, you should reflect, identify and acknowledge your losing streak, accept it and reflect on it so that next time, you can improve on your mistakes.
Like a good coach, take a look at the big picture, not just the money that was lost, even though losing can stink big time, think about the profit you’ve made over the last few months.
Losing Streaks becoming more consistent? Bet on Sports you know well
We’ve said this countless times through our groups and articles, only bet on sports you know well, otherwise, how can you possibly make this into a long-term profitable side gig?
Sports Betting isn’t supposed to be a get rich scheme that happens overnight, you’ll want to play it smart, choose the right picks and only bet on outcomes you feel are almost guaranteed to play out. You can only do that if you understand the sport, understand the potential risks, matchups, players and how likely an outcome is, don’t work off word of mouth or catch the next hype train, keep level headed and keep iterating your betting process.
If things are not working out and you keep going on losing streaks, it’s time to go back to the drawing board, learn the basics and start again with small stakes, there is no point playing into your losing streaks continuously as you’ll most likely just make them longer.
Know when to slow it down
You are on a streak, losing or winning the after feeling can sometimes be quite similar, you keep going as you’re tempted for the next win and keep betting to get the next win, losing streaks can give you urges to keep snowballing your bets until luck is in your favour, but if you’re trying to stop a losing streak in its tracks, betting with small stakes is the way to go.
What we suggest is, if you’ve identified a losing streak, slim your stakes down a little until you start getting some consistent bets again and feel comfortable, in control again & ready to make sensible educated guesses without the urge to get a big win or chase a loss.
Try not to get toxic
Whatever you do, you don’t want sports betting to impact your life negatively, it can be easy to hate on a player or team after a poor performing game, offloading it off to your loved ones, hate speech on Twitter, the list goes on, but this toxic behaviour will only snowball into your bets.
At the end of the day, we need to understand that mistakes happen, even for players and teams who are human, just like me and you! If the research was off and there was no way of anticipating a certain outcome, don’t get toxic about it, understand that every sport has unpredictability to it, teams will not always perform at their best in every game and athletes of any sort need time for rest and leisure.
- Take a breathe
- Put your Phone away
- Enjoy the rest of the day with your friends & family
Because whilst sports betting can get frustrating at times, it isn’t worth spoiling a day. There are many other activities you can get enjoyment from when sports betting isn’t working out for you, so don’t be afraid to take a break. If you can’t take a break, you need to seriously reflect on why you can’t.
Follow Sports Tipsters
If you’re not confident in your skills to pick opportunities well, don’t be afraid to search for talented sports tipsters to give you some ideas, there are tipsters out there who look for opportunities full-time and have been making a consistent profit for years.
When looking for a Tipster, it is worth looking for both Free and Paid Tipsters to see what suits you the best, find tipsters for sports you’re interested in and then give them a shot.
The best thing about Tipsters is they can find you opportunities and save you time, they also have an incentive to perform well, due to their subscription model.
The best Tipsters follow strategies, have a bankroll and are level-headed, focusing on the process. It’s best to also do your own research but having a Tipster or two around doesn’t hurt as can give you great value and perspective.
Bet Smart, Not Hard
How do you take the guesswork out of sports betting to give you an edge against the bookies? The best way is to be selective with your bets, find great opportunities and follow through with them.
It is possible to bet too much as it is to bet too little, but the more frequent you bet, the more likely you’re to lose, instead, it is best to take a bit of time to research, look into matchups and then decide if you want to place the bet, a much better alternative to just making multiple bets in an hour with only a few minutes of research to support your decision. It doesn’t matter how frequent you’re betting if your bets come out as losses and it is much more profitable to place a few bets throughout the day, giving time to the opportunities you have spotted.
Again, if you don’t have the time to bet throughout the day, you could save a lot of time using a Tipster.
Break a Losing Streak with an Actual Break
It’s ok to step back, betting opportunities occur every day. Don’t feel like you’ll be missing out, there is always next year, next month or next week. Instead, if you feel like you need to take some time away to regroup your thoughts, do not hesitate. There are multiple benefits of having a long-term break such as:
- A chance to replenish a bankroll
- Better mindset & logical betting
- Giving yourself mental rest
- More time to understand the sport
1: Resist the urge to win all back your losses immediately
Don’t jump into a big bet thinking it will solve all your problems. Because more likely, it’ll only increase your problems!
As we’ve said before, don’t be afraid to take a break, reevaluate your situation and allow your bankroll to replenish, once you’re ready, make back your losses slowly, one calculated bet at a time.
Shooting for five small wins is a better risk to take than one large bet that could do more damage than you’re willing or able to take on.
2: Don’t get discouraged by a Losing Streak
Use the tips we’ve been talking about and take a break when you need to. Seek professional help when needed too, but remember that losing streaks are normal and happen to anyone and everyone. It’s not about the outcome, it is about the process, like a coach, focus on the bigger picture!
3: Never Drink and Bet
Gambling can be addictive. Adding another addictive substance will only fuel the addiction and increase emotional behaviour. Stay sober while you place your bets, you don’t want to make irrational decisions or tempt yourself to be toxic, it’ll only go downhill from there!