Hello and welcome to part 3 of our series of posts on Top Ten Betting Mistakes Gamblers Make and How to Avoid Them. In this series, we’ll be talking about chasing losses and why you shouldn’t do it. Well, it should be obvious why and that’s simply because if you’ve already lost it all once, and you chase that loss and try to recoup it and don’t, you’re twice as worse off as before!
Now in the first thought, chasing a loss might seem like a way to win back what you lost and even look like a way you can get a guaranteed profit if you place the right and big enough bet. However, this kind of thinking is setting yourself up for a fall and statistically, chasing losses doesn’t result in making your money back let alone a profit over your initial stake.
Put simply, chasing losses is a mugs game. For those people that don’t try to get the best value of of their bettings. Think about it, bookies price up the races and the punters don’t have to place a bet in each race that is taking place. Players can pick and choose those races and the players to bet on and that’s not something most punters know and understand.
Let’s say you have had a bad day at the bookies or some online casino you’ve been playing in or on and placing bets on games and riders that didn’t come in for you. So you decide to bet a little bigger on another bet hoping to correctly predict the winner. You might even go outside of your comfort zone and place bets on games and races you shouldn’t be.
Well that’s how the bookies want you to bet so that it results in a loss for you and profits for them. But a lot of punters try to change their bets at the last minute or even start chasing their losses by making more bigger bets to recoup them and redeem themselves! Why do you think that the last race of a day is a handicap or one of the hardest games and races to predict?
As far as their concerned, there will be plenty more races and games on tomorrow that many other people and punters will be wanting to place bets on. The trick is to find out those golden opportunities and then only placing bets when you know that the circumstances surrounding it, mean that the odds are in your favor for your required bet.
And again, that’s not something that comes easy to a lot of people. When it comes to betting, it comes down to experience and learning more than anything. But hopefully this will help give you an insight into why you shouldn’t chase your losses so easily. And it basically just comes down to making sensible, responsible decisions when you’re making bets on races and online casino games.
Just remember, there’s no such thing as the last race!
Tomorrow is always another day to bet again.