What exactly is loss chasing? Basically, it’s when you lose your bet and bet again to regain your losses and/or bet more to gain profit.
In sports betting and in gambling in general, loss chasing is a very common thing. Some even call it “strategy”, let’s dive deeper and look why you should avoid loss chasing by any means.
1 - Your bets should never be dictated by an impulse
The main thing to understand here, is not that it’s bad to bet again after a loss, but how and why you do it. If your next bet was influenced by a result of your previous bet, you are already chasing losses and therefore give up any advantage you may find against bookmakers. You may also succeed doing this multiple times, but it’s actually even worse in the long run, as we’ll talk about a bit later.
2 - Your previous losses does not mean you have any higher chance to win your next bet
This one may seem obvious, but even in sports betting/gambling/casino movies, you will see the this phenomena - people have a strong tendency to think that losses eventually lead to winning. This is simply not true. Not in sports betting, not in poker, not even casino roulette - your previous loss does not raise your chances of winning. This is a harsh true - losing 5 bets in a row can easily lead to losing 5 more and it does not stop there. But keeping your cool and selecting picks with proper analysis may also lead to streaks of 10+ winning bets in a row.
3 - Loss chasing by doubling your lost bet is not a strategy
First of all, never give your money to scammers that are using this scheme. In theory, doubling your every lost bet is indeed a “winning strategy”, but that is IN THEORY only and does not take two factors into consideration - for this to work, you need infinite money and infinite limits. Chances are, you don’t have either of these and without both of these, such “strategy” is a straight way to have a serious gambling problem. Let’s make a quick example of how this works.
- First bet - 50$
- Second bet - 100$
- Third bet - 200$
- 4th bet - 400$
- 5th bet - 800$
- 6th bet - 1600$
- 7th bet - 3200$
- 8th bet - 6400$
- 9th bet - 12800$
So in order to win your 50$ back after a streak of 9 losses, next you would have to bet 25000+$ and more than 50k in total.
Such hot/cold streaks are really common in sports betting. If you are betting 50$ flat, you would be down 450$ in our example. That may not be fun, but that’s less than 1% loss of what such “strategies” end up with.
4 - Good decisions lead to good decisions, bad decisions lead to bad ones
It’s as simple as that, patience and analysis, together with proper bankroll management will make you feel stable and comfortable. Chasing losses will make you anxious and regret actions you took. It’s actually only up to you, which way you choose.
5 - Learn to lose in order to win
This one may seem tricky, but it is what it is. As every sports player had losses on their way to career heights, so have sports bettors. You can hate losing, but you have to learn that it’s part of the game and a very important one. Chasing losses tries to eliminate losses, but that’s just not the way it works. Not in sports betting, and not even in life in general. In sports betting, losing after a good decision is much better than winning after a bad one. It will form your habits and understanding. And in the long run, everything will settle in right places. That loss will not matter, your experience and decisions always will.