If you’re a seasoned sports gambling veteran you already know this to be true. However, if you’re new to the game, you need to hear the unfortunate reality that will show up eventually – losing streaks are real, and they happen to everyone.
Sometimes it can feel like the sports betting gods are against you. When multiple bad losses start to pile up, the only feeling that really makes sense is helplessness. But that’s not going to get you back on the right path.
In this article, I’ll explain six tips that can help you minimize your losses and get back on the winning track.
Bet Less, Not More
Sometimes you’re just unlucky, but that doesn’t mean there’s no such thing as a bad bet. In fact, when you’re struggling and desperate for a win, that’s the time when you might want to scale back.
If you find yourself in the midst of a bad streak – whether that be a bad Saturday and Sunday during football season or a tough week betting on baseball, the first thing you should do is bet fewer games. Essentially your goal is to stop the bleeding and wait for your luck to turn around.
Don’t Become a Desperate Gambler
Betting with desperation might not be a commonly-used term, but I’ll explain what I mean. When you have several losses in a row, or are in the middle of a tough stretch, your instinct might be to try to win a bet, no matter how small the win might be.
Unfortunately, this sports betting mindset can lead to the dreaded heavy-moneyline-favorite play that has the potential to end in disaster. During hard times you should be looking to get more value out of your plays, not less.
I get it – taking a big moneyline favorite means that you’re more likely to win the bet. If an NFL team comes into a game at -500, that’s usually an indication of a lopsided matchup. With that being said, are you really willing to put up $500 to win less than 20% of that?
When it comes to sports gambling, a “sure thing” simply does not exist. The best you can do is make sustainable plays that aren’t going to put you in a precarious financial situation by betting a lot to win a little.
Your wins will come and your luck is eventually going to turn around. If you bet too much on one game hoping for an easy win, the risk just isn’t worth the reward.
Test Out a New Betting Strategy
The difference between someone who can bet on sports and make a living, and someone who burns through their entire bankroll within a month, is small. If you’re able to win around 56% of your bets, you’re winning frequently enough to be a profitable bettor. If you’re winning 50% or less, your money is eventually going to run out.
My recommendation is to start making higher value (even if they are a bit riskier) plays. At the end of the day, most people who bet on sports don’t have the stomach to take moneyline underdogs, or even underdogs with the spread. The sportsbooks know this – why do you think “fade the public” has become such a popular mantra?
If you keep doing what you’ve been doing, you’re probably going to keep getting the same results. Don’t be afraid to switch it up and see if there’s any benefit to a new plan.
Try a Different Sport
If you’re a fan of all sports, picking a sport to bet on is tricky. You know having some action on the game makes it more entertaining, and if you’re already going to be watching, you might as well throw your chips on the table and see what happens, right?
Unfortunately, the betting markets are different for different sports. Yes, it’s undoubtedly a nuanced difference, but your understanding of how handicapping works in the NFL is probably not the same as the NBA, unless you gamble full-time.
I’m not saying that specialization is necessarily the answer, but it’s probably in your best interest to find one sport that you understand a little more than others. That way if, for example, your NBA picks aren’t hitting, you can move on to mid-major college basketball conferences which might afford you some easier wins.
Here’s the bottom line: you wouldn’t bet on Middle Eastern soccer leagues because you have no idea how they work. That means you’re acknowledging that your knowledge of a sport has an impact on your betting performance. If you follow this logic, it would suggest that unless you know every sport to the exact same degree, you’re bound to be better at betting on some sports over others.
Winning Gamblers Think Small
It’s no secret that winning money betting on the NFL is one of the most difficult things to do in the world of sports gambling. The reason? Sportsbooks receive so much action that on NFL games that the markets are a challenge. With that in mind, the obvious solution would be to go the exact opposite way.
My advice would be to pick one or two mid-major leagues in particular and focus on learning the teams inside and out. If you get a feel for them early, it could lead to a full season of profitable bets.
Try a New Sportsbook (With Bonuses)
One of the benefits of gambling becoming legal on a wide scale is that sportsbooks now offer bonuses to earn your action. That means major perks are offered that can help you significantly – especially when you first sign up.
The bonuses, or “free” money given to new players by an online gambling platform, are one of the few times when something that seems too good to be true is actually…true. Take advantage of things like deposit matches, free play credits, and any odds boosts that you can find.
Sportsbooks want to earn your business and they’re willing to make some sacrifices on the front end in order to keep you coming back for more. If you’re slowly bleeding money on one site, your best option could be to try to revamp your strategy using house money (or at least house credit). This lowers your risk and you might even find that you like your new sportsbook better than the one you were using previously.
Regardless of whether you’ve been on a hot or cold streak, utilizing different sportsbooks has a number of benefits. Don’t be overly loyal to just one…especially if it’s not working out financially.
You’ve heard it a million times in your life: “You win some, you lose some.” Unfortunately, when it comes to sports gambling, you need to win more than just some of the time in order to keep your bankroll afloat.
Everyone goes through tough stretches, but it’s how you respond that matters. Don’t panic and make bets out of frustration or desperation – it’s not going to end well.
If you’re in a rough patch, try out some of these tips above and see if they can help you right the ship and get back on the road to profitability.