Sports betting can be a fun hobby to have and also a great way of making some extra money for yourself when you place your bets right. But, whilst betting on sports means that you do have a lot of potential wins available, if you wager on sports for a long period of time, you will need to be prepared to deal with some inevitable losses. How much experience you’ve got betting or how right your choices usually are doesn’t matter, at some point, anybody who bets on sports regularly will need to deal with periods of time where nothing seems to be going right. How bettors deal with losing streaks can go a long way when it comes to determining eventual success or failure in sports betting.
Realise That Losing Streaks Happen
One of the most commonly given pieces of advice regarding dealing with a betting loss is to ensure that you are aware losing streaks will happen from as soon as you start. When you are prepared for an impending losing streak, you will likely be a little bit more careful when it comes to placing bets and ensure that you’re not betting away all of your money. Losing streaks happen to everybody who bets regularly, so being prepared for dealing with them is key.
Take a Break
If you’re currently going through a losing streak and seem to be losing every bet that you place, it might be time to take a short break from betting. Continuing betting in order to try and win the money that you have lost back can be a dangerous risk to take, with the more you lose, the more you bet, leading to greater losses overall. If you feel that you’re on a losing streak, stepping away from the bookmakers for a couple of weeks can help you to refresh and avoid landing yourself in any sticky financial situations.
Be Strict About Money
Betting on sport can be a fun hobby to have, but it can also be draining on your bank account if you are not strict with yourself about the amount that you will allow yourself to bet. If you place bets online, many bookmakers will allow you to set a daily limit when it comes to how much you can bet or wager with them, making it easier for you to ensure that you only spend money that you can afford on placing bets, and avoid breaking into cash that you need for other things. Having a separate bank account where you store money that’s solely for betting on sports can be an excellent way of successfully dividing up your cash and budgeting for betting. This can also ensure that experiencing a losing streak is less stressful for you as you won’t be as worried about the effect that losses have on your financial situation.
Cut Back on Betting Size
If you’re going through a losing streak but don’t want to take time off, cutting back on your bet sizes can be a good way to help you avoid losing out on too much money. Halving your bets means that if you do suffer another loss, you’ll only be losing out on half of what you normally would have. Using a money management system can help you figure out how much you need to cut your bets back to when you’re in a losing streak to make sure that you can continue without losing out on too much until you are back on a winning streak again.
Share your top tips for dealing with a betting loss in the comments!