So, there I was sitting in the corner of an oil changing shop. I had just finished writing for the day and was sweating out a prop bet on Red Sox pitcher Kutter Crawford to go over 5.5 strikeouts at +110 odds.
Crawford was pitching a gem against the Seattle Mariners and had racked up 5 strikeouts in 5 innings. He was only at 81 pitches, so I thought the W was in the bag. (Boy was I wrong)
Unfortunately, Red Sox manager Alex Cora decided to pull Crawford out of the game. I screamed "What are you doing?" at my laptop, and everyone in the shop became awkwardly quiet (lol). It was my 3rd prop loss of the day and all 3 were by half a strikeout.
Ahhh, the things we put ourselves through as sports bettors! If you've never gone through a losing streak in sports betting, it means you haven't been doing it very long. Here are 5 tips for overcoming losing streaks!
Keep a Long-Term Perspective
Being a sports bettor is a lot like being a day trader or any other type of investor. You have to accept the fact that short term results will vary.
It can be a wild and rocky ride but try to focus on long term results instead of daily or weekly. Think about your betting bankroll like you would your 401k or IRA.
You don't panic after a rough day, week, or month. You keep a level head and keep investing because in the end, you know that the tide will turn.
2. Keep a Track Record of Your Bets
Recording all of your wagers will help you keep a long-term perspective in sports betting. There are tons of free apps out there that will help you with this.
Heck, even a spreadsheet or a good old-fashioned notebook will work just fine. Why is this important? After a bad day or week, I like to look over my results from the last 30, 60, or 90 days.
It's a good reminder for me that sports betting is a long-term endeavor and that I'm playing the long game. It's a way for me to keep from getting too high or too low.
3. Take Time Off
I mentioned the importance of taking time off in a previous Responsible Gaming Tips post. As much as we love sports, we have to remember that we're all human.
Sports betting is a daily grind, and we all need a mental reset on a regular basis. As a hardcore sports enthusiast, how do I follow this rule? I don't bet at all on the weekends during MLB season.
Analyzing the baseball board each morning and trying to find edges is fun, but it also takes a lot of mental energy. Taking a couple of days to get away from the screen means that I'll be fired up to get back to the card on Monday!
4. Use Losing Streaks as Motivation!
There's nothing like going on a massive winning streak in sports betting. Seeing your accounts increase each day is a gratifying feeling. However, I hate to break this to newer sports bettors, but you don't learn anything from winning streaks.
On the flip side, I've learned some of my best lessons in sports betting during losing streaks. Let the losses motivate you. Let a bad streak fire you up to dig deeper into your research and refine your betting process.
If you're having a rough week or month, pull up your bets record (from Tip #2) and find out where your major leaks are. Maybe you're killing it in props but getting whipped on sides and totals. Consider scaling back on the types of wagers that have been damaging your bankroll.
5. Realize that Sports Betting is HARD!
Despite what you may read on Gambling Twitter, no one hits at a high winning percentage in sports betting. Even the best professionals in this business usually top out in the 55 to 57% range.
Think about that for a second. The best bettors in the world still lose 43 to 45% of their wagers. This is especially true in highly efficient markets like NFL and NBA sides.
So, to wrap things up, if you're currently in the middle of a losing streak, relax and realize that you're in good company. Sports betting is a tough way to make money, but it's loads of fun. Have a profitable football season, everybody!
