Usually, when a sports bettor realizes he’s on a losing streak, he may bet more than usual to “recover” whatever 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.A highly credible inquiry conducted on chasing losses, out of the Department of Experimental Psychology at University of Oxford in the UK, discovered that chasing losses engaged certain brain areas that managed a person’s reward expectation and sense of incentive-motivation.
In contrast, quitting showed less activity in the same areas but more activity in areas associated with conflict monitoring and anxiety. Simply put, subjects who chased mostly focused on the good outcome; and conversely, the bad outcome when they finally decided to quit.
Of course, because you’re human, there’s no way to totally eliminate your tendency to chase a loss.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?Just decide on the four below and follow through:
1. Money you can afford to lose
2. Unit size (about 1-5% of number 1)
3. Sport(s) you want to bet on
4. Choosing bets (analytics, value, etc.4. Picking bets (situational, tailing trusted cappers, etc.)
When you’re all set with those details, you can add these rules on how to handle the unavoidable losing streak without chasing:
1. Don’t up your unit size because of losses you recently had.
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 every bet independent of earlier bets.
6. Forget score alerts unless you have a live bet strategy.
The above-mentioned rules are related in certain ways, but when you read them separately, you can get varying perceptions of your emotions as well as you betting tendencies. This also helps you gain a better understanding of the factors individually, and in their general context. Awareness is the secret, and the ability to identify these scenarios will help you avoid chasing. If you bet in a state of fear, resentment, or a feeling that you will get bad luck, it is automatically a bad bet, whether it wins or loses. 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.