Here’s What You Should Do When You Lose a Bet

How to Handle Betting Losses

What’s your reaction after a goal was struck by the opposite team you were betting on? Are you thinking about how to get your money back at any cost? Do you feel any rage or frustration? These are common reactions.

Bad runs can cause endless anger and frustration, but losing stakes are almost unavoidable when it comes to sports betting. Even the most skilled bettors has experienced a time where things are going worse for them. However, the most important thing is how you handle these losses.

Trying to be a profitable punter? Check out our guide to becoming a professional sports bettor.

Here are ways to help you cope with the damages of losing a bet

But first things first, you should know one of the golden rules of betting; make sure you only bet with money you can afford to lose. This makes it easier to deal with a bad run.

Take a Break

Imagine you’re a football coach who just witnessed his team lose after a hard-fought tournament. The last thing you need to do is to go straight into another intense fight. The team needs to take a break to reflect on their tactics, and assess the damages. The same principles can be useful to handling a bad run. If you feel like you did poor decision-making skills, or applied your stakes inconsistently, simply take a much needed break to assess yourself. Give yourself some time to look back, and work out why you’ve made a poor decision. There’s no harm in taking a break. Slowing down can even help you cool off and reexamine your strategies.

Analyse your Tactics

Do you ever get that annoying feeling where you are trying something that just won’t work out for you? Did you stick to your staking tactics? Did you analyse a particular match as you had planned to? Was there something wrong in the plan you made? You have to be honest with yourself in order to reevaluate your game plan.

Professional punter Patrick Veitch, one of the most feared full time gamblers in the UK, is continuously developing his approaches in the battle to stay ahead of the game. There are actually vulnerabilities of sticking to only one strategy – it can be the cause of failure among punters. If your tactics before seemed to work out in the beginning, it’s possible that there are some holes in it that caused you to have a bad run now. Don’t always insist on your initial beliefs, and be open to more strategies. Take a look at your betting history, and review your choices.

A good habit to get into is analysing yourself. See where you went wrong, and make notes. There’s no better way to improve yourself than accepting a loss, and working your way through it.

Play more carefully

When you’ve experienced losses, it’s tempting to get the money you lost by placing bigger stakes. It’s actually a bettor’s fallacy, and could damage more than it could do good. More carefully thought through bets are usually the most successful ones.

Cut out the bets you think will help you win, or merely popular bets when a live fixture is on, and focus solely on the aspect/s you know the best. Simplify and use a sports trading platform to get ahold of odds from numerous books. Learn to stay consistent, and stay within the limits you’ve set for yourself.

Understand that losing is a part of the game

Even the best and professional punters experience losses when betting. Losing is a common possibility that all bettors have to deal with as soon as they place their stakes. But every bad run is a good opportunity for all bettors to review their staking tactics, and bet choices. And rather than beating yourself up, look for ways to improve yourself and do better on your next game.

You can even take a moment to sort yourself out, reconsider your strategies, and bet again when you’re all set and ready. Always remember that learning to control your emotions after dealing with a bad run is without a doubt the greatest piece of self-development you can ever get.

Now pick yourself up, prepare more carefully and thoroughly, and have fun!

Are you feeling more confident now? Log in to your Vodds account and check out available tennis and football matches you can place bets on, or register if you don’t have an account yet.

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Common Mistakes Sports Bettors Make

Mistakes are unavoidable especially when you’re new to sports betting. Sports betting is not something that can ever truly be mastered. You can’t always expect things to go where you want it to. Even if you follow all the advice in numerous sports betting guides, it’s still highly possible that you’ll commit even at least a few mistakes. It’s important not to let the worry of making one stress you out too much. It should be noted that mistakes are part of the learning process.

Trying to be a profitable punter? Check out our guide to becoming a professional sports bettor.

However, don’t think that mistakes stop as soon as you’ve gained experiences though since even the most successful bettors still make one every now and then.

Common Mistakes Sports Bettors Make

Simply being aware of such mistakes means you’re less likely to make them in the future.

Not understanding the basics of sports betting

This is one of the most common mistakes we can see from rookie sports bettors. Beginners tend to jump into things without having proper knowledge and understanding of the basics, which can greatly limit the possibility of a successful bet. With a small amount of dedicated time and research, beginners, even experts, can make better-informed assessments when betting. It is also important to take note of the basic sports betting strategy to improve one’s opportunities in winning.

Placing too many wagers

This mistake is often disregarded. This important aspect when betting on sports is having the patience to wait for the right opportunities to earn some money down. Unfortunately, patience is not something all bettors possess, especially the beginners. Most beginners place too many wagers, which is not ideal. A much better approach when betting is to be selective. Try focusing in one or two sports instead of placing stakes on each and every competition or event. Try looking for occasions where it’s possible to make good decisions about what might happen.

Mismanaging your bankroll

This is the mistake we can often see from numerous sports bettors. Many people are betting without any bankroll management. Rather, they just bet as much as they think they should on their sports picks without any specific plan behind it. By doing this, you are increasing the chances of exhausting all your betting money.  To avoid this, you should set aside enough money that is intended for the purpose of sports betting. The money should come from extra funds and not from the cash needed to pay for necessities. Bettors should also be willing to accept the risk of losing this bankroll without it having a large effect on financial priorities.

Not choosing the right bookmaker

Bettors have access to an endless variety of bookmakers they can choose from. Just like any other industry, there are different tactics to bookmaking and everyone will claim to be the best. However, bettors should be careful in analysing which bookmaker offers a lot more than the other. Choosing a bookmaker can either make or break your sports bets. To make things easier for bettors, VOdds trading platform gives access to numerous top Asian sportsbooks that offers the best real-time odds and competitive prices to its clients which can also multiply one’s betting opportunities.

Chasing Losses

Something to also avoid is chasing losses. Many bettors are guilty of committing this mistake. It’s easy to lose a bet and then quickly want to make another one to make up for it. However, when you bet based on a previous loss, you are likely to create a less informed choice, making you prone to another mistake, which can also increase the probability of losing again. When you lost a bet, it’s a good thing to let it sink in and take a break to reflect on what happened. Don’t do the mistake of rushing out and make another bet when you just lost one. Rather, place your time and energy in exploring other value bets.

Keep these in mind when you bet on sports to minimize your errors. Log in to VOdds for the highest real-time odds and prices or simply register if you don’t have an account yet.

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characteristics of a successful bettor

Characteristics of a Successful Bettor

Everyone has what it takes to be successful in sports betting. But there is a common misconception that an innate knowledge of sports is enough to become successful in it. While having a deep understanding of sports is a factor, there are other qualities that successful sports bettors have. So how can you tell if you are cut out for sports betting success?

Trying to be a profitable punter? Check out our guide to becoming a professional sports bettor.

Traits that can help determine whether you can be successful in betting

Strong Math Skills

Aside from having a deep knowledge in sports, one must also have strong mathematical skills. Betting on sports involves a lot of numbers. Using this skill set, bettors are able to swiftly understand what a data means. Bettors can use these skills to comprehensively analyse and interpret the data in order to make a correct decision in betting.

Acceptance

All bettors, even those who are successful, will have losing streaks. Punters have to learn to accept the fact that luck isn’t always going to be in their favor. However, successful punters don’t dwell on a losing run. If a losing streak continues to happen, then maybe it’s a sign that they should take a step back and evaluate what they could be doing wrong.

Financial Management

Betting is in some ways akin to owning a business, and successful businessmen know how to properly manage their finances. While losses in betting often happen, professional bettors know when they are losing too much and when they need to walk away for a while. They know how to carefully budget and allocate the money they can afford to lose. Successful bettors also use a reliable sports trading platform that multiplies their betting opportunities.

Discipline

Successful sports bettors also have discipline as a common trait. Strong discipline is one of the most important factors to be successful in betting. With discipline, they are able to stay grounded, and remain focused on their goals.

Adapt and Improve

A successful punter know that things can change over time, and that in turn means that plans and tactics should also undergo change. Take notes of both your winning and losing streaks. Jot down what strategies are effective, and improve the ones that are not. Being able to adapt and improve are two of the keys to consider in order to be successful.

Emotional Control

As humans, it is very easy to allow your emotions to get the best of you especially when betting on sports. It doesn’t matter whether it’s getting too excited over a win, or too devastated on a losing streak. Keeping your emotions in check and never letting the emotions get the best of you is really important in order to be successful in sports betting. It actually goes back to having a strong discipline, and staying grounded.

A Long Term View

Another significant aspect of successful sports bettors is their ability to keep a long-term view, and avoiding being too caught up with short-term wins or losses. Many sports bettors quickly become unmotivated after having a series of losses. Punters who experience short-term wins are becoming too confident. Successful bettors understand that there are highs and lows in betting. If you’d like to be better at sports betting, always keep in mind that there will be risks and setbacks. However, it shouldn’t be a reason to be discouraged. Instead, use these obstacles to motivate yourself in improving your skills. The sooner you can train yourself to take a long-term view in sports betting, the sooner you can be successful in it.

Do you think you have what it takes to be a successful sports bettor? Test your skills now and place your stakes!

Log in to your VOdds account and check out available tennis and football matches you can place your bets on, or register if you don’t have an account yet.

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