There are 3 things certain in life, death, taxes and losing bets. It is impossible to win every single bet (Unless you bet once a year). It is important to deal with losing bets appropriately and not let them get in your head. Here are my top tips to dealing with losing streaks.
1. Understand That Losing Streaks Happen
Everybody hits losing streaks, it will most likely happen here too. Every losing run is a good opportunity for you to review both your staking plan and bet selection process. If your staking plan and selection process are inconsistent without betting theory to support them, make the appropriate changes before you lose everything.
2. Take A Break
During a losing run you feel that everything is going against you and whatever you touch, loses. Last minute goals, freak scores are normal during a losing run. Even the best pro bettors go through losing streaks, but it’s the way they deal with their losses that sets them apart from consistent losers.
The most important thing is not to go chasing your losses. I have done it in the past. For example, after losing several bets in a row i decided to go all in on a match because there is no way it could have lost. Well guess what, it lost, and I lost all my bankroll. If you feel the losing streak is going to lead you to make poor decisions or apply your staking plan inconsistently, simply take a break. Give yourself a couple of days to take clear your mind and work out why you’ve been making the wrong selections. There is no shame in taking a few days break. Freshen yourself up and get back at it when you are ready.
3. Analyse Your Betting History
If you go on long losing streaks, resulting in your betting bank dropping to unacceptable levels, then there’s something seriously wrong. Never, ever chase losses. Go through your spreadsheets of shame and if you look close enough you’ll see where you’ve gone wrong.
A good habit to get into when recording your bets, is to make a comment on your approach when placing this bet. Did you stick to your staking plan? Did you analyse that particular event as you had planned to do? And be honest. If you failed to stick your plan, make a note of it, even if the bet ended up being a winner. Why? Because when you review bets where you did not stick to your plan, you will see that they are costing you money. Some will be winners, but the majority will be costing you money. There’s no better way to help you develop betting discipline and work your way though losing streaks than seeing the cold hard facts that these moments of poor discipline are costing you money.
4. Don’t Be A Coward
This may sound a little harsh, but standing tall and resolute will help you work through a losing streak. As we stated earlier, losing streaks will happen, even when you apply a sound staking plan and bet selection process. So when a losing streak comes, if you’re doing things right, keep doing them. Keep to your staking plan and keep making your selections. If you are doing things right, you will work through your losing streak and come out the other end with greater confidence.
Yes, losing streaks are difficult, especially your first or second prolonged losing streak. You will feel great self doubt, worrying that your good results have just been luck and that maybe you are not going to be the long term profitable punter that you hoped to be. But take it from us, your first losing streak will be the hardest. Once you realise that losing streaks are common, and that you will work through each one by sticking to sound betting theory, your confidence as a bettor will grow and grow.
5. Get Over It!
Pick yourself up, dust yourself down and prepare more thoroughly for your next selection. The bottom line is that there’s no shame in admitting to yourself that you can’t turn a regular profit at a particular sport and calling it a day, or at the very least taking a break while you assess why and where you went wrong. It’s better to stop punting on a sport with which you never seem to achieve consistent wins than continually haemorrhaging cash.
Have a look at what else is out there, do some paper trading (that is, placing imaginary bets and keeping a record of their success or otherwise), identify a new sport to get involved with or attack the existing sport of choice with a brand new strategy. As the old adage goes:
“Fail to prepare, and prepare to fail.”