Let’s face it, losing bets sucks but it can and will happen to everyone who partakes in sports betting. The dreaded sports betting cold streak can come out of no where and continue to build if you aren’t careful. Our VIP Members have been experiencing this first hand over the last week to week and a half. We were going a long great with 6 winning days out of 8 and then out of no where, the cold streak hit. The longer the cold streak goes, the worse it is for your mindset. Here are some tips and tricks that will help you (and us) snap out of the cold streak and get back to winning.
Review your betting history
Take some time to look back through your betting log and the results. Yikes, I know it can be pretty ugly when things are cold. This is the first step for you to take to analyze your results. Put together a spread sheet of all of your bets and break them down by bet type. Moneylines, spreads, over unders, player props, team totals, parlays. What has worked for you? What have you been losing on the most? I’d be willing to guess that the parlays have burnt you the most because that’s the case with 90% of sports bettors. Use this data to your advantage and focus on the bet types or even the teams that you have been having success with.
Take a Day Off
I know no one wants to hear this one but sometimes you just need to take a day off. If you continue to build on a losing streak you start to chase losses and it can snowball really quickly. Taking a day off can do a lot for you mentally. That one day without putting in the time and effort as well as the stress of watching the games can go a long way.
Bet to Win (don’t worry about the odds)
This one is one that a lot of people have a hard time with because the mindset you have when you are losing is that you need to win it all back. You know what I’m talking about. That thought of “Oh shit, I went 0-3 last night, I better take enough to make that back and even more tonight.” That’s a good recipe to get the snowball effect going. Take a minute to sit back, look at the games, and bet to win rather than worrying about the odds. What games on the slate are most likely to win? My mindset is if it’s a -180 moneyline but it looks like a guaranteed winner, it’s worth it to put a little extra on it to get the win. The wins will add up and after a few days of taking these “winners” not worrying about the odds, you will have made back some of your losses but more importantly you get back into the winning mindset.
We are all suckers for parlays. When you are on a cold streak, you should probably avoid parlays. If you can’t pick one team to win or cover, what makes you think that you can pick 5 teams to? If you must parlay, I strongly suggest that you keep it to 2 teams at the max. Even that decreases your likelyhood of winning. We have seen it a lot in the NBA this season, parlays come down to that one big favorite who should blow out their opponent and then all of a sudden they are down 10 going into the 4th quarter. The math is simple, it’s easier to pick 1 winner than 2 or more. Try to eliminate parlays from your betting strategy when you are trying to snap a cold streak.
When you are losing, it’s easy to bet more than you normally would to chase your losses. It’s extremely important that you stick to your bankroll management. You should be betting 2-5% of your “total” bankroll per bet. When you go on a 1-5 losing streak, you can’t just start betting 20% per bet. This is a common mistake bettors make when they go on tilt and the losses can add up even quicker when you do that. Stick to your bet type and always be sure that you are betting what you are comfortable with. Don’t be putting the mortgage or rent on a 10 team parlay.
Combining the tips above should help you snap out of your sports betting cold streak. There will always be ups and downs in sports betting but the better you are at managing things when times get tough will define you as a bettor. I consider myself a professional and I’ve been betting for 15 years and handicapping for over 5. I have had my fair share of losing streaks and the steps above have helped me personally.
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