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Finding value and staking sensibly are extremely important when it comes to attempting to make a profit from betting but dealing with losses is a huge reason many people lose too much when betting. Obviously betting is a recreational activity that most people do for fun but on this site we taking betting seriously and this article will assume you do want to make money from gambling.
Losses should be expected
Losing bets are part and parcel of betting. They will happen and you need to accept that it will but many people cannot. It is not easy to remain completely unemotional for anyone about losing money and for some people the temptation to chase and get that money back it too much. This is never a good idea. If you do find yourself searching hard for a bet where you know little about the sport/team/market then you’re heading for trouble. You need to ask yourself had I not lost this bet, would I still be making this one. If the answer is no then leave it alone.
Don’t chase or seek out rebound bets
When you lose a bet it’s natural to want to fast forward to the next winning bet but although there is a lot of sports and events to bet on these days sometimes you just have to wait and be patient. People will chase losing bets and then lose the chase, clearing out most if not all their allocated betting money, only to see a bet the next day or so and wish they still had the funds to make this bet.
Prevention better than cure
So, what is the best way to deal with these losses? Well as with many ailments, prevention is better than cure. So if your staking is sound and not a ridiculously high % of your bank then you are less likely to be as concerned about the loss. One of the best things I have also learned to do when I’ve decided on my stake for a bet is to imagine it is a loser and look at my betting bank and ask myself am I comfortable if this happens. If you are not then reduce your stakes until you can say you are.
Is the bet definitely value
Next ask yourself is this bet definitely value. This doesn’t mean to say that just because the odds are 1.15 that the bet cannot be value but it is statistically less likely to contain value long term and you need to be very selective backing at these kinds of odds. A good way to check your own thoughts on value is to ask yourself how many times out of 100 your selection wins, then work out the number of times the odds suggest it wins. (100/odds). If your estimate is greater than the odds calculation then you believe it’s a value bet. Don’t fool yourself into the thinking that things like injuries could never happen as this is the mind-set that proved so costly to many of the world’s bankers. Assume that the worst can happen as one day it probably will.
Even if your staking is sound and you believed a bet to be of god value, there will still be times when you’ve gone a bit bigger on a sure fire winner that’s set you back a few day, weeks or possibly months but as long as there’s still plenty of money for you to continue then try not to worry or think too much about it. Perhaps again analyse whether the bet was value or not but as long as you still think that the odds on offer were good then you just need to be patient.
If you have made a profit up until this point, go back and remind yourself of just how well you’re doing as many people fail to make money from betting. Take confidence in these records, be reassured that you are on the right path and your luck will turn. If you haven’t made a profit, then you need to be a bit cautious and analyse the bets you have made over a period and check if they are providing value. If you vary your stakes then work out what your profit/loss would have been to level stakes. If you bets are making a loss to level stakes over a decent amount of time (6 months) then you are not finding value.
If you’re not finding value use reputable tipsters
Even if you are not finding value yourself all is not lost as there are plenty of free tipsters out there who can find value for you. Sometimes this is even more satisfying than making the picks yourself but try not to filter the bet s of tipsters as you will kick yourself when the inevitable happens and you miss a winner. What you can also do is study the picks of winning tipsters and see what’s working for them, what odds range they are backing at and study the circumstances. In time this can help you improve your own selections and make you less reliant on tipsters.
Take a break from betting
When you’ve done an appropriate amount of analysis, leave it there. You are either on the right path and just lost a bet or you will have sought out some tipsters who hopefully can find value for you. Do not mull it over any more than this and don’t seek out any more bets that you wouldn’t ordinarily make. Instead go out get some fresh air and take a break from the betting world.
How to deal with losses in summary:
Prevention :
-Get your staking right
-Ask yourself is the bet good value and calculate this
-Imagine your bet has lost already and see how this would affect you
Cure
-Keep records and check overall profit/loss for reassurance
-If consistently losing seek proven tipsters
-Take a break and switch off from the betting world temporarily