Whether you’re gambling on the horses, a football match or online, you will more than likely experience a run of losses from time to time.
Even professional poker players encounter long periods of losses. The question is, how do you deal with them? And are there certain actions you can take to break a losing streak?
Well, your luck is in. Here’s everything you need to know about getting yourself back on winning terms and help you gamble responsibly in the process too.
While you can’t exactly alter the odds of a sporting or gaming event, you can improve the chances of making a smarter choice.
Staying positive during a losing streak is all about getting your mentality right from the outset. Before you place a bet, accept that losing streaks will happen.
The sooner you accept that, the easier it will be to come to grips with a loss. However, it is possible to have a defeatists attitude. In such a case, you almost accept you’re going to place a bet knowing you are there to blow your hard-earned money.
While this may not sound like a bad attitude to have, it’s a slippery slope towards just placing bets on unrealistic outcomes which are uneducated and rash.
If you place these sort of bets six, seven or even eight times a month, you’re already starting to lose quite a lot of money.
The next top tip is to identify what a ‘bad run’ actually is to you. Every person who gambles is different. We all have different budgets, salaries and mindsets when it comes to betting.
In other words, placing small amounts of money on long shots isn’t necessarily a ‘bad run’. You’re simply playing the odds and hoping for a big payout like when Leicester City won the English Premier League.
However, if you are placing big wagers on short-priced favourites multiple times and losing, it’s safe to say that you are experiencing a ‘bad run’.
Once you’ve established what a big wager is within your budget, this will help you mentally stay positive.
This will also stop you from chasing your losses as you’ll know exactly what is a minor setback and a major one. Understanding your limitations can give you a subconscious nudge to stop.
If you do start chasing your losses, you could keep gambling more and more to try and cater for the losses. In metaphorical terms, it’s like digging a hole when you’ve said something wrong.
In more extreme cases, it could lead to taking out loans and gambling money which isn’t yours. If you’re worried that you could be suffering from this issue, we advise that you get in touch with GamCare for advice or StepChange for financial guidance.
Gambling may be about luck, but there is an element of analytics you can evaluate to increase the likelihood of breaking a losing streak.
When you’re experiencing multiple losses, start taking note of the figures by using these tips…
It may sound tedious but it will help you in the long run. A prime example is a gym routine. Turning up and working out on random body parts with no purpose and plan in place will usually give you limited results. However, if you turn up with a plan and a record of reps in hand, you’ll be able to start formulating a pattern.
Write down your previous bets, including what you placed your wager on, how much and what the odds were. Highlighting just the simple elements of your betting records should give you a clear understanding of where your money is being lost.
As a result, you can start to establish which types of betting are successful and aren’t.
This tip is probably more suited to breaking sports betting losing streaks. Although it could work for roulette if you have the time to write down which numbers and colours have previously come in.
With sports, you can analyse statistics on the performance of the teams, players, individuals and other exterior elements like venues.
For example, in golf, you can analyse the type of course and what the green in regulation (GIR) rate is for each golfer or who is coming into form before the tournament.
For roulette, it’s a bit different. Many gamblers have/or still do believe that there are several methods to analyse during a spin of the wheel.
This can include ‘dealer signatures’, where a dealer can subconsciously spin the wheel and land the ball in a certain sector. Or ‘visual prediction’ where players analyse the speed of the spinning wheel in relation to the speed of the ball.
But in theory, these methods can’t be trusted. Instead, you should make a note of what you are betting on – i.e. red/black, 1st/2nd/3rd sections, odds/evens etc.
If you’re making certain bets all the time, do you see any correlation between the number of wins or losses you are experiencing? If there is, you can try something else.
Probably one of the biggest tips to break a losing streak is simply having a rest. Assess your budget before, put a cap on a machine or on your account and it’ll make it easier for you to walk away.
Having a day off can give you some time to collect your thoughts, analyse your bets and return in a more positive frame of mind.
Just remember it’s important to recognise the more essential things in life. Gamble for fun and know your limits.
Daryl Charman is a Las Vegas expert, bringing his Sin City knowledge to our loyal readers. Whether you need to know if your Vegas wedding is legally bound, which country has banned gambling or how to cheat the casino industry, Daryl has a wealth of knowledge in the gaming industry.
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