Let's face it, no matter how savvy a gambler you consider yourself to be, you are going to go through both hot and cold streaks when betting on sports. This is just the nature of the business because sportsbooks deliberately set lines that make bets in the 50-50 range of paying off. While there are no guarantees you will ever recoup your earnings, the following are some guidelines that might help you at least get back to even.
Keep Your Bets Simple
While some bets such as parlays in which you gamble on two or more outcomes do offer attractive payoffs, the chances of you making a winning bet decrease. Before you know it you may be even more in debt.
Either acknowledge you are betting for fun or become much more professional in terms of how you approach gambling. A professional tends to do extensive homework on the teams' past histories, injuries, recent trades, etc. A professional is also much more diligent about taking the time to find the best odds on a particular game or event.
Don't Try to Get All Your Money Back at Once
While the temptation is there to make a quick killing and make up for your losses in one bet, this strategy can backfire big time. You do not want to find yourself chasing your losses. Take time and make sensible bets that have a good chance of paying off.
Know Your Limits
You should always keep in mind how much you can afford to lose and set your own limits on how much money you wager. If you blow through the bankroll you have set aside for sports betting your financial situation could get out of control. Keep your limits as low as possible to avoid big losses. If you bet and lose more than you can afford, the unwise temptation to make risky bets in search of higher payouts may only get worse.
Consider Betting on Alternative Sports
You never know, but for some reason, you may find yourself more successful at betting on one sport than another. This can often be tied in to your knowledge of the sport and the subsequent feel of what you think may happen.
Give it a Break and Clear Your Head
Sometimes you need to sit back and evaluate what you are doing. There's no rush. The sports aren't going away and neither is your opportunity to bet on them. A long-term mindset can help avoid quick and rash decisions. At the risk of using an old cliche, patience is a virtue. The most dangerous time for gamblers can be right after they have lost a big wager.
Separate Your Bets
If you have a certain amount of money to wager, divide it up into two parts. One part is for your regular bets and the other is for chasing the money you have lost. By doing this you have a chance to accumulate a profit while minimizing your potential losses. To put it another way, have a plan.