Why Chasing Losses Is Always A Bad Idea

A prominent and successful sports bettor once said that the hardest, but at the same time also most important lesson every beginner should learn before anything else, is the right way to deal with a loss.

The thing about losing is that nobody likes it. The irony, however, is that in order for a person to be successful at sports betting over the long term, that person must first learn how to lose. The reason for this is simple: chasing losses hardly ever result in positive outcomes. Part of a winning sports betting strategy is being able to “take” a loss for what it is and move on. Success can be as simple as realising that it isn’t important to be right each and every time. In fact, it isn’t even humanly possible.

Desperation Is No Excuse

When placing a bet, desperation can be a devastating and harmful state to be in. So much so, that desperation and needing to make money when betting are the breeding places of justifying the chasing of losses.

When we’re desperate, all logic and strategy get thrown out the window. Also, every loss, no matter how small or actually insignificant, tends to feel too big of a pain or inconvenience to simply let go. Helpful to remember in a situation such as this is that a bet chasing after a loss is hardly ever successful, which is even more painful in the long run.

A Loss Is A Lesson

Since every loss is a lesson, though not monetary, every loss has value.

The best way to deal with any loss is to lock it into the book of experience while regarding it a future investment – along with acknowledging knowledge to be just another form of currency.

Hindsight is a wonderful thing. What may seem an insurmountable challenge in the moment will mostly at a later stage become clarity, much less overwhelming, and a way to avoid the same losses from getting stuck on infinite repeat.

Shake It From Your Shoes

What helps many sports bettors to shake losses from their shoes and move on is to make a wilful decision to treat each new day as if it were a clean slate – an opportunity to start anew.

Important to realise when trying to shake a loss from your shoes is that neither winning nor losing is ever “personal”. Optimism and a positive attitude go a long way toward becoming successful at not dwelling on bad experiences because of the knowledge that there is always another chance to set it all right.

Proper Money Management

Proper money (bankroll) management is arguably the best antidote against giving in to the temptation of chasing a loss. A sports bettor who has a firm hold on the principles of budgeting and bankroll management will be a lot less likely to suffer extreme and significant losses because of a discipline as simple as proper financial planning before the time.

Having a solid bankroll backup immediately removes the desperation so many experience that ultimately leads them down the slippery slope of chasing their losses.