Avoid Chasing Bets
Chasing bets is a cardinal sin when it comes to sports betting. So what do we mean by chasing bets? Chasing a bet is when you try to get back all of your losses from the previous wager on your next bet. It is a problem in poker, casino gambling and sports betting. If you remember one thing from this site, do not chase your losing bets to try and get even. It is a recipe for disaster and has turned good sports bettors into broke sports bettors on occasion.
So let's look at a small example of how chasing bets can destroy your bankroll. Say you have a bankroll of $1000 at the beginning of the night. You put a small 1 unit bet of $50 on the Chicago Bulls to cover the spread. Things look promising as the Bulls are covering all game. But over the last minute of the game, the opposing team hits a few three's and backdoor covers, giving you a losing bet on your Bulls bet. This just crushes your spirit because in your mind you counted this as a win. We've all been there. So what is your next move? You begin chasing that $50 loss by telling yourself the next bet you make is a winner. So you then proceed to take the Lakers later in the evening for $100, trying to recoup the loss you had earlier. Now you have begun chasing. Your Lakers bet loses in a landslide and you are beginning to feel on tilt. There is a late night NBA game just getting started and there is no reason you should bet on either side of the game. But you have now lost $150 on the day and you feel like everything will be ok if you just get that back. So you place a $200 bet on the Denver Nuggets in the nightcap. Sure, you may win this game but you can see how things are starting to spiral out of control.
It's not uncommon in sports betting to lose 4, 5, or more bets in a row. Losing streaks happen even to the best sports bettors. If you are continually chasing your last loss you are going to have a zero bankroll sooner than later. Stick to your betting strategy and avoid chasing bets at all cost. Do not increase the amount you bet based on if you won or lost your previous wager. A good sports bettor will decide on how much a single unit is worth, and use good money management skills to bet the proper amount each game.
I have seen chasing bets completely demoralize good bettors. It can turn what would have been just a small loss into a massive, game changing loss for a sports bettor. Constantly remind yourself that tomorrow is another day. There will always be more games to bet on and there is no need panicking after a bad beat. Losses happen, start practicing good betting habits and avoid chasing bets.
