Whenever you lose a bet, and especially if it’s early in the day and there’s more games going on, it’s always tempting to try and win back the money you lost, or “chase the loss.” This is a HORRIBLE strategy that should never be attempted.
First and foremost, it’s poor money management and discipline when it comes to sports betting. Does Warren Buffett run to the market whenever his stocks lose a little bit of value in a given day? Of course not. Treat your sports betting ventures with the same level of seriousness. Note, this doesn’t mean you’re chasing if you bet $100 on an early game and $100 on a late game at the same time, or before the first game starts. This just means you made two different wagers on games that happen to be starting at different times. That happens all the time of course!
It does mean you’re chasing if you only bet the second game because you lost the first game, or if you bet more on the second game after the first game loses. In addition to this being poor money management, it can also lead to bad processes and decisions. We always recommend betting the same amount on every game, or at least on most games. This is because it’ll keep your bankroll in check and if you a lose a couple games in a row, you’ll still be able to continue playing.
Always keep in mind that losing happens. It’s part of the business. As long as you’re not emotional and don’t bet more than your bankroll can handle, you’ll be able to withstand any loss. Even a painful loss that you didn’t see coming! That’s the beauty of sound money management and discipline practices when betting sports.
The ironic thing is that this isn’t just about safe betting practices. It ALSO will put you in a stronger position to be a longterm winning sports bettor, which is a skill that’s HARD to find these days!