How to deal with losing while betting?

There are several things that are certain in life...

Table of contents:
  • How to deal with losing while betting?
  • First of all, make a break
  • Think outside the box
  • Lower stakes and limit your losses
  • Be careful and reclaim your confidence
  • Think about… retiring
Posted by Tom

How to deal with losing while betting?

There are several things that are certain in life. The most obvious, like death and taxes will never disappear. However, besides that, you can always be sure of wins and, unfortunately, losses. This is inevitable part of everyone’s life and it is quite obvious that many people get frustrated when they lose. It is connected not only with our innate need for prevailing over others and over other things, but also with the fact that when you lose, then you at the same time get in the disadvantage.

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The article we prepared for you will concern losses in Betting – a very difficult issue that not many people know how to cope with. Because of losing, they tend to lose their ground, make more mistakes, and get themselves into the spiral of never-ending errors. In order to solve that issue, we prepared for you several tips that will help you in solving this matter.

First of all, make a break

There are thousands of professional bettors out there in the world. These bettors not only make a living from betting, but they are also incredibly successful in doing that and not getting into the spiral of losses. How do they do that? One of them, a guy named John Basquill noticed that the most important thing is to withdraw yourself from betting after a loss. The most crucial is the first 15 minutes, since this is the time when we would do the biggest mistakes driven by anger.

This analysis occurred to be real since it is known that in nature, human beings are quite illogical. We refer to the fact that after losing, a lot of people wish to get their money back and they make new bets without the proper preparation.

A sad thing is that almost everyone around the world, who placed a bet, had experienced that in one moment of their betting journey or another. A favourite losing match in last minutes of the match can piss off everyone – no matter how disciplined you think you may be.

The most appropriate strategy to avoid constant mistakes and losses is to get rid of any time limitations. By that we mean to not have any earning goals imposed in advance. There is no need for analysing your minimal gain or loss every time you bet.

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Think outside the box

Besides having a break, it is also very important to think of alternative strategies. One of the best professional gamblers in Great Britain, Patrick Veitch that is, constantly improves his strategies thanks to which he continues to be the best. The interesting fact is that he has been doing that since nineties! Although it is very difficult, the most important thing to do in order to become a professional bettor is to learn everything about value. Unfortunately, it has never been as hard as it is right now.

A danger to stay in the same place (and sticking to the same tactics) can be the beginning of the end. The best way to depict this issue is to indicate one of the bankrupt bettors, who have been doing amazing time for many years. Johnny “Lights” Herndall became successful thanks to betting on horse racing in south of England in eighties and nineties. His contacts were amazing because of which he knew where to bet, how much, and which races. However, the moment when betting exchanges appeared, all the secrets he and perhaps several other bettors knew were revealed. He was not able to make profits after that.

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Before Betfair betting exchange appeared, he made a lot of cash by simple betting horses in their first races. Thanks to his knowledge, he knew that given horse was capable of great things. At the same time bookmakers did not have a clue and because of that, they were preparing very high ratios on such horses. The moment betting exchanges appeared, Johnny “Lights” Herndall was not able to place bets on such events with previous ratios (approximately 4.00). Instead, the ratios were 2.50 or even less. Because of that, his outcome shrunk nearly immediately.

Unfortunately, he was not able to find another “golden mean” that would help him get back on straight. This is exactly why it is mandatory to always look for new means of assessing values that won’t be exploited by majority of bettors. Professionals need to think outside the box and think of different strategies of learning the values.

Lower stakes and limit your losses

The best thing you can do when losing strike occurs, is to reduce your stakes to the moment when your confidence is restored. If you are betting with approximately $50, then reduce it to $12. There is one thing that may happen to us, and it usually happens very often. It is increasing stakes when we are on a losing streak just so we can regain our losses. Obviously, this is not the best time for regaining your money.

One of the professional bettors, Steve Noyce that is, explained: “You need to become a marathon runner, not a sprinter that will burn out at the very beginning. It is much better to go slowly and steadily”. The choice of the right stakes is probably the most difficult part of betting. Much better is to think of higher stakes when we are having a good run, rather than trying to get out of problems when things go sideways.

Be careful and reclaim your confidence

Although we mentioned about confidence, it is imperative for you to understand how important this element is. That is why when losing streak comes, try to place less bets and focus on the ones that are very extremely well thought and analysed to the tiniest detail. Place them only when you notice an advantage over a bookie. Drop all the “quick” bets, like live bets, and focus on the discipline and on matches you know best. It is obvious advice, but unfortunately it is very often overlooked, especially when problems begin to raise.

A perfect bettor is capable of living a successful life by betting football with the use of thoroughly calculated and planned algorithms. These algorithms are usually used to get some kind of minor advantage or to find a value by, for example, looking for discrepancies between Asian and European market, or between betting exchanges and regular bookmakers.

That is why if we manage to fail, we shouldn’t take any drastic steps like for example placing huge bets on other disciplines. Unpredictable things happen in betting and we need to accept that.

Think about… retiring

This is probably the most often advice families, friends, and other your close ones offer when bad things happen in betting. However, if you imagine a situation, where you go out to take a fresh air and spend time with family, and then you somehow find yourself near the stadium, thinking about the score, then this is the reason why it is much better to improve yourself and not give up on a hobby, on a way of making a living.

Looking for more profitable style and strategy is like everlasting story, but if you wish to stay in the world of betting, then this is something you need to do. In other case, the best option will be to retire because you will not only save money, but you will also forget about all the anxiety and you can as well protect yourself from addiction.

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