Why do I keep losing in betting?
Top 5 Reasons Why You’re Losing & What to do About it
Sports betting is a tricky business, but it’s not an exact science. Using strategies you’ve learned over time and paying attention to your team’s strengths and weaknesses, you can still lose sometimes. Even the best punters have losing streaks–you’re not alone!
Sports betting can be a frustrating experience, but you can take steps to increase your chances of winning.
When betting on anything, it’s important to remember that luck will inevitably play a role. However, there are some mistakes that you can make that increase the odds of losing.
If you want to know how to avoid these mistakes, read on.
#1 No Bankroll Management
Bettors who are new to sports betting often don’t have a system of bankroll management in place. Even if you’re a casual punter, it’s important to have an overall strategy and set of rules by which you’ll abide while betting on sports.
Unpredictable betting patterns can cost you money. You should, therefore, be careful with your bets and manage your finances effectively.
The Problem
When you lack awareness of the inputs and outputs of your financial life, it’s easy to make irrational bets or chase losing ones.
If you don’t set any betting limits for yourself, it’s easy to lose track of how much you’ve already spent. This can lead to impulsive gambling, which can cost a lot of money.
The Solution
To limit your losses, determine how much money you can afford to spend on sports bets each month, and then set limits for yourself. Finally, cap the amount you’re willing to bet at any one time.
Furthermore, you can track your betting performance by keeping a record of what you bet on and its outcome. This way you’ll be able to determine whether a particular strategy is working or not.
When you practice self-discipline, you’ll soon see that managing your bankroll will be a valuable skill.
#2 Hasty or Emotional Decisions
Another common mistake punters make is to bet impulsively, or on an emotional whim. Let’s say you’ve just remembered there’s a football game on, and you want to get in on the action. If you do this just once in a while, it isn’t a big deal; but if you make it a habit, it could lead to trouble.
When you bet on sports, try to be objective about it. If your team is playing against a team that is more likely to win, then you’re better off betting on the underdog. Similarly, if you’re feeling angry or upset about something and want to bet on sports as a way of dealing with it, then make sure that you put in the time to do some research first.
The Problem
When placing wagers without thinking them through, your bankroll is at risk. Wagers should be made based on sound decision-making and not solely on emotion or personal preference.
Betting in this way increases your risk of losing, which could jeopardise any potential edge you may have had.
The Solution
While anger or sadness can cloud your judgment, it’s best to make decisions with a clear head. If you’re upset about losing a bet, take some time to calm down before making another wager.
If you bet consistently with the available data, your losing streak will be less noticeable.
#3 Spreading Your Bets Too Thinly
Sports betting can be an exciting experience, especially if you’re participating in a league, series or championship.
However, if you’re placing ten bets at a time as opposed to five, then your chances of winning decrease as well.
If you’re betting on many sports, it can be hard to keep up with the latest information.
The Problem
By betting on too many outcomes, you are spreading your attention too thinly. Research is crucial for lower-risk sports betting.
However, if you wager on a wide range of sporting events and across multiple sports, it can be difficult to research each wager before placing it.
Sometimes you don’t notice something that affects the outcome of a game, like an injured player or drastic weather changes.
The Solution
Be selective and focus on your judgement. Concentrate on only one sport at a time, and stick to a select number of games.
When you do your homework, you give yourself the best chance of success. By analysing an upcoming event, its players and the circumstances, you’re naturally making smarter betting decisions.
#4 Relying on Betting Strategies Alone
You might have a sports betting strategy that has worked well for you in the past, but lately it seems to be letting you down. While it’s important to stick with a plan, you shouldn’t become too attached to your routine.
The Problem
Having a tried-and-tested betting strategy is great, but no strategy is foolproof. If you find yourself in a losing streak and are adamant on sticking to your approach, then this could be part of the reason why you’re in a slump.
The Solution
The key is to find balance. Stick to your betting strategy, but don’t be afraid to deviate from the norm. Being consistent is important, but when something isn’t working, it’s time to try something different.
#5 Placing Bets Based on Recent Results
While looking at a team’s recent results is important, it can also be misleading.
When you bet on a team solely because they played terribly last week, you’re not basing your decision on statistics but rather assumptions.
The Problem
The “recency bias” is a problem that many sports bettors fall prey to. Having confidence in a team because they performed well last week makes for risky bets.
When you fail to account for a team or player’s overall performance throughout the season, you’re overlooking important data that could result in you losing.
The Solution
When making bets, it can be hard to separate recency bias from an objective view of the teams or players involved. Make sure you check in with yourself before betting on a team or player, and make sure your choice is based on both recent performance as well as past statistics. This will give you a higher chance of success.
5 Extra Tips on How To Improve Your Bets
Knowing what not to do is only half the battle. Here are five tips for improving your results.
- If you’re experiencing a losing streak and your confidence has taken a knock, it’s crucial that you learn to become unaffected by past results. On the other hand, it’s equally important to watch that you don’t become overzealous when you’re on a good streak. This could lead to you taking risks and betting impulsively.
- Be introspective and look at your sports betting history to see where you might be going wrong, what you can do differently, and even what you shouldn’t change at all. You’ll get insights into your sports betting technique that you might have otherwise missed.
- Don’t limit yourself to one bookmaker. By signing up to various sportsbooks, you’ll be able to shop around for the best odds.
- You can also take advantage of promotions by signing up with more bookmakers. For example, once you’ve signed up with one bookmaker, you might be able to get a free bet when you deposit money.
- As a budding sports bettor, your path to success is paved with knowledge. You’ll never stop learning about the various sports, teams and players involved in these games. For starters, check out our Guide and Tips section.
Last But Not Least
Well done for figuring out what you’re doing wrong and how to fix it. You should do better now that you’ve identified what not to do, and how to avoid some of the common mistakes people make when they lose.
You’re ready to try again. Here are three things you should keep in mind:
- Set limits that will work for you.
- Make bets with a clear head, not when you’re angry or in the heat of the moment.
- Select a few games to focus on, and do your research before the match.
- If you want to get different results, try doing things differently. But if you want the same results, you have to do things consistently.
- Give credit to a team or player for their overall performance
Although we can’t promise anything, we do hope you find our tips useful. You never know, if you give it a shot and apply what we teach, maybe you can stop that losing streak.