Whether you like it or not, at the end of the day gambling in general carries negative long term expected value for pretty much all squares. This can even happen at some of the top payout casinos, as winning is not guranteed. You need skills and you need tons upon tons of patience to secure EV+ and even if you succeed, you may find yourself at the receiving end of some pretty bitter losing streaks even if you’re doing everything right. Winning streaks take a sneaky emotional toll on some players as well, and they too are hard to stomach for some.
Don't be Over Confident
A player who is on a steady winning streak will often become overconfident and he’ll let his guard down as far as bankroll management is concerned. Greed is an important factor for winning players too.
When the “what if” mentality takes over, that’s when things usually turn southward. The winner begins to contemplate scenarios of posting more money on wagers he “should” win anyway. It doesn't matter if you are playing at one of the best Australian online casino sites or a small sportsbook, you must have a carefully thought-out bankroll management strategy. Without proper bankroll management though, even players fully capable of locating value will find themselves sidelined sooner rather than later.
How to Deal with a Losing Streak
Losing streaks are much more emotionally taxing though and therefore much more likely to cause the player to snap and to begin chasing, thereby condemning his bankroll to certain doom. What can you do to minimize the emotional effects of such losing streaks though?
Surely, there must be something you can do… The first thing you can do is to stop watching games you have action on. This is easier said than done for a recreational bettor though, who pretty much only wagers on games to make them even more interesting to watch.
Assuming however that you’re in the sports betting game for the money and not for the thrills (or rather, for the thrills provided by the money), this is exactly what you have to do. Be content with checking out the results when the game is in the books already. This way, you’ll spare yourself a lot of emotional turmoil, by missing out on the last minute referee mistake that ends up costing you your wager.
Also, you won’t get to see the result turned over several times due to tiny yet significant player or coaching mistakes. The bottom line is, by missing the action you’ll actually find it easier to get over the result.
Don't chase your Losses
Another thing you should do is to vent after your losses. That’s right. Venting is a natural way to let off steam thereby making sure that you get over the matter sooner. Just make sure you’re not the type of person who gets even more fired up when venting. Take a step back and take a look at the overall picture.
You may be on a losing streak right now, but if you do everything right, the big picture is almost certain to be a much brighter one. Never forget that according to sharp bettors, winning sports betting feels a lot like losing. If your losing streak is a particularly stubborn one, consider pulling back on the reins a little.
Chasing your losses is the worst thing you can do, so by extrapolation: betting less is the best. Take a break if you feel like you need one. Sometimes a timely break does wonders for your game. Study. Take a look back – however painful it may be – and analyze your losses. There’s always something you can learn from them.