Poker Chasing Losses
The twin evils of gambling are negative expected values and chasing losses. Negative expected values may be casino odds, rakes or commissions. Another way of describing chasing losses is “I will get it back ” syndrome. Gamblers are not just losers. They are big losers. The majority suffers from the human inborn instinct of “chasing lossses” . In other words, you want to get it back.
If you compare casino odds with the interest you earn from the bank saving account, you will realize how powerful casino odds are on the players.
Let’s say the casino odds is 3%. Saving accounts yield or return 3% in one year. Casino yields 3% in ONE bet. Casino make from the gambler in one bet what you make in a year from your saving account. Shocking! Isn’t it?
Subscription poker is a form of online poker wherein users pay a monthly fee to become eligible to play in real-money tournaments. Suck out A situation when a hand heavily favored to win loses to an inferior hand after all the cards are dealt. Fev, gambling is gambling whether its horses or poker. Gamblers biggest problem is chasing your loses, this happens with poker. — Dazza (@Dazza5173) March 10, 2011. Instead, we are referring to the person that is digging into their wallet for the fourth or fifth buy-in or are walking to the ATM to get more cash because “they’re due to hit.”. The twin evils of gambling are negative expected values and chasing losses. Negative expected values may be casino odds, rakes or commissions. Another way of describing chasing losses is “I will get it back ” syndrome. Gamblers are not just losers. They are big losers. The majority suffers from the human inborn instinct of “chasing. Like a gambler ‘chasing losses’ at a poker table, people stuck in the sunk cost trap will pretend that they have a winning hand. Nick Leeson, the infamous ‘Rogue Trader’ who caused the. Why Chasing Losses is Bad News Trading incomplete setups or with a higher and higher part of your trade account, may ruin you even with a wonderful system, without a better chance of winning. Taking more, but lower quality trades may worsen your problem, since your ITM percentage also will be lower, so variance will grow and thus your possible.
And if you chase losses, you will invariably lose out of proportion to your modest wins. For example, you may win 1k, 1k, 1k over the first three bets, then lose 1k, 2k, 4k over the next three bets. So, it is not about winning or losing. It is more about how fast you lose.
A fellow gambler posted in his blog that for every 1.3 seconds there is a “new” gambling system released for craps, sports betting, poker, roulette, baccarat and so on. And there are easily thousands of worthless gambling systems out there. Only a few gambling systems have merits. You must learn how to review or evaluate whenever a gambling systems is presented to you.
I have covered in my earlier posts in great details the pros and cons of gambling systems. Gambling systems are vulnerable to the full devastating effects of these twin evils of negative expected values and chasing losses.
If you are new to gambling, or if you are a recreational player, you need to learn how to tolerate or accept losses and not to chase losses. This is not easy but it becomes easier with practice and time. If you are an experieced professional, then you may counter the evils of chasing losses by learning strategies of smart chasing of losses. I have described several methods of smart chasing of losses such as HP Johnson’s system, Arthur Irwin Bruce Midas Touch System, modified Monte Carlo system, SF Roulan Fast Roulan and 1221 system as well as Frank Barstow series of systems.
(The modified Monte Carlo system is the system I used to win 160,000 over ten months).
The goal is to keep stakes low, such that your average wins are always higher than your average losses . As a reminder this method works short run only. For this method to work, you must make sure that short term does not become long term. Short term is defined by process, not time. You must learn how to review gambling systems. It is a very important skill in gambling.
Test yourself by buying or borrowing a book on gambling systems and see whether you are able to apply these principles to critically review the author’s ideas, opinions and viewpoints.
Similarly, you counter negative expectations games in two ways.
1. Define your game plan. It must be finite in terms of number of bets and time. Because within this context, it is possible to use strategies such that your average win is higher than your average loss.
2. Train yourself to spot situations as well as choosing games with positive expected values. In other words, you play only games or situations with positive expectations. Positive expectation is a very reliable and stable platform. Professional gamblers rely on positive expected value systems to make a living.
GAMBLINGHELP provide free gambling courses to help gamblers in recreational gambling, professional gambling, quit gambling.
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This article might just be one of our most important sports betting guides. Chasing losses makes the bookmakers millions each year. This article covers why people chase losing bets, how detrimental it can be to your confidence and how to stop chasing losses.
If you have placed a few sports bets in your time, you will know that no matter how good your bets are and how favorable the odds may be, you will always lose a decent number of bets. Due to variance, which is a standard part of any type of gambling, even the best sports bettors out there occasionally experience significant losing streaks, followed by winning streaks that compensate for the losses.
These losses are completely natural and normal, but being human, it is very easy to get carried away, start feeling frustrated, sorry for yourself or desperate and start making bad decisions as a result. It is very common to see casual punters chasing their losses, but as a professional sports bettor, it is very important that you never let random bad luck influence your decision-making process.
Why People Chase Losses?
Pretty much everyone who bets sports, whether professional or casual bettors, wants to make their bets winners. A prolonged stretch of losing bets can cause significant frustration and anxiety and make a punter feel like his betting sensors are completely off, making him feel like giving up on the idea of betting sports altogether.
If you are working with a set bankroll, which you should be, losing a significant portion of that bankroll due to poor luck can make you feel like you will never climb out of the hole you are in and like you should increase your bet size on the next one, as you are due for a win and other similar superstitions.
The real truth is that we chase losses because we are weak creatures, ruled by our emotions and naturally prone to making poor decisions based purely on emotions. This is actually relatively acceptable for casual players who play for fun, chasing losses is absolutely detrimental to professional bettors’ bankrolls and should be avoided at all costs.
Avoid Being Results Oriented
As we said a few times in this guide, the job of a professional sports bettor is not to guess outcomes of sports events, but rather to find good value in the odds offered. For example, if West Ham were offered at 2.000/1 to win the Premiership, every sensible bettor should take this bet for a reasonable stake as the value is just too good to miss out on.
As such, the professional bettor should not be results oriented and in theory, you should be at a point where you absolutely don’t care if your bet was a winner or not, but rather only if your bet was good value to begin with.
Being too focused on the results almost regularly leads to trying to chase losses when they occur and this is absolutely the last thing you want to do. Focus on making good value bets and stick to your staking plan and the results are guaranteed to come in the long term without you having to adjust your bet sizes or change anything while you are on a losing streak.
Luck Is All About The Maths
What most gamblers in the world call luck is actually just a complex mathematical equation. Every single thing in the world of sports betting can be quantified and measured and the game is 100% based on mathematics. There are no inherently unlucky people or lucky people. If you make a large enough number of bets, every player will have exactly the same amount of luck and the end result will come down to how good you picked out your bets.
People will commonly start chasing losses when they feel they have been too unlucky, that some higher forces are working against them and that they are due for a change in luck. If you understand betting is all about the numbers, you will quickly realize that all this is absolute nonsense and any losses you endure are either a result of being on the wrong side of variance, which is inevitable to happen sometimes, or making poor decisions, which can be avoided.
Since there is absolutely nothing you can do about the variance other than wait it out and keep playing, 100% of your focus should be on making the correct decisions, placing bets that hold true value and sticking to betting the amounts based on the plan you have made.
Gambling Chasing Losses
Let Go Of Emotions
At the end of the day, letting go of all emotions when it comes to sports betting is one of the keys to success and an absolute must if you intend to take it as your full-time job and a main source of income. Separating your emotions from the results of your bets may be difficult, but if you are to keep winning on a regular basis it will be necessary.
We advise practicing this by gradually increasing your stakes and allowing yourself time to adapt to the fact that losing streaks will happen. Remember, as long as you are betting within your set bankroll and not deviating, your winning streaks will come before you go broke so there is nothing to worry about other than making poor decisions. Your only enemy in sports betting can be yourself and nothing else is out to get you. Stick to the plan, keep studying and never chase your losses and we can absolutely guarantee that in the long term you will flourish as a sports bettor.