Betting basics case study - Dealing with losses

Just when we were smelling the green, just when the Liverpool blog hit 5/5, the  Italian Serie A reminded us how difficult and frustrating betting can be.

Lazio's goal softened the blow but defeats for Milan, Inter, Carpi, and Palermo meant we are back to square one. 

Losing bets are part and parcel of betting, even short prices are no guarantee of a winner, and will not in the long term give you a decent return. 

Bigger priced bets are less likely to win but do when you find the winner increase your bank. 

I thought this is a good opportunity to go through some betting basics.

1.Let It Go

Although easier said than done, if you've had a bad betting week, the first thing to do is forget about it. 

Make sure you bet responsibly - this article will help 

Keep true to your strategy and do not look for big unrealistic winners to cover said losses. 

Let it go.

2. Spread Your Risk

The more I go through last week's Serie A betting tips, the more plausible they seem. 

Sometimes there is no rationale for certain results. Milan, Inter, Carpi, and Palermo were all must-win matches against mid-table clubs with very little to play for, yet they all lost.

It was one of those freaky Serie A weeks, and whilst there is no logical explanation, as punters, we need to accept it. For this reason, it is important to spread your risk.

(A) Have a solid stake plan

No rocket science, but a concept that may become blurry during bad streaks. 

Punters are more prone to make exceptions to their stake plan when they are chasing losses. 

Stay true to your betting bank. Look at the bigger picture and make no exceptions. 

Spread your risk over a period of time and do not go all in.

(B) Expose yourself to more than one league and one market

Advocates of specialization argue that thoroughly researching one league and sometimes one market within that league will yield better long-term results.

I am not suggesting to become experts in all leagues and in all markets, but I believe that having positions across different leagues and different markets will protect you against illogical periods within a particular league.

Case in point, this week's Serie A loss was offset by profits in the Liverpool blog and in the Twitter Tips (covering major European Leagues), which both yielded profits, enough to end the weekend in the green.

3. Understand Time Periods

Comprehensive research may not be enough. 

You need to be aware of time periods. 

We are now entering the final phase of the season when results become more unpredictable. 

The Pressure to meet certain targets, issues between players, managers, and the board, and disgruntled supporters may have an exponential effect on performances when time is running out.

On the contrary, sides that are already safe and have nothing to play for will play freely and that usually leads to more goals.

BTTS and overs become more likely for such clubs.

4. Concluding Comments

If betting was easy then we'd all be pros making a living out of it. 

The reason why so few can put bread on the table as professional punters is in itself indicative of how difficult it is to do so. 

Keep in mind that this is a hobby and within the definition, hobbies should be fun. 

So keep it fun. 

Don't let your hobby become frustrating, don't let your hobby affect your savings, your family, and your life, don't let your hobby become your nightmare, and always bet responsibly.