Whether you use sportsbooks or online casinos, it’s important that you never chase losses. Unfortunately, this is something that lots of players struggle to avoid. Instead of stepping away from their devices, they continue to gamble despite repeated losses. Naturally, you need to avoid falling into a similar trap, especially if you’re a beginner gambler.
How to Stop Chasing Losses: Methods That Actually Work
If you’ve recently been chasing losses or simply want to stay ahead of the curve and avoid this common gambling problem, then you’ve come to the right place. Below, you can find 5 methods that will help you to stop chasing losses and ultimately regain control of your online and offline gambling.
What Does Chasing Losses Mean?
Chasing losses is when an individual loses money while gambling and decides to keep going while also increasing the amount of money they bet. The logic behind this is that they are trying to recoup the money they originally lost by betting more. However, this is not a good strategy and can lead to losses becoming even worse.
- Use Sportsbooks with Cash Out
Firstly, if you’re a fan of sports betting, start using sportsbooks with cash out. In a nutshell, cash out is when you can settle the bet before the bet is officially over. This is great for cases when it seems that your bet was a mistake and is likely going to lose. By cashing out early, you can eliminate the scale of any losses and prevent your bets from spiralling out of control. If you want more information on how cash out works, we found a great guide that you can read here on the minimum deposit betting site.
- Take Breaks
If you gamble on a regular basis, take lots of breaks. The more breaks you take, the better. Why? Because they allow you to recharge, clear your mind, and avoid the mistake of chasing any losses. For example, if you place a bet that doesn’t win, rather than repeatedly try to recoup your losses, simply close down the betting site or app and walk away. Later on in the week, you can then return with a new mindset and leave the loss behind.
- Set a Strict Gambling Budget
Professional and responsible gamblers always set themselves a strict gambling budget. Normally, the budget is on a weekly or monthly basis and based around disposable income. For instance, you might set yourself a monthly budget of $50 to gamble with. By sticking to that budget, you’ll know exactly when you need to stop playing each month.
- Don’t Drink and Gamble
Alcohol and gambling never mix well. In fact, a large amount of problem gambling is driven by alcohol, so you should never drink alcohol and gamble at the same time. Alcohol negatively impacts decision-making and can cause individuals to spend a lot of time chasing losses, sometimes by placing reckless and unrealistic bets.
- Consider Self-Exclusion
If you find that chasing losses is a gambling problem that you simply can’t seem to get control of, then the best thing that you can do is consider self-exclusion. This is when you ask the gambling platform you’re using (e.g. a sportsbook) to voluntarily ban you from using it any more. As a result, even if you wanted to try and recoup your losses, you wouldn’t be able to, as your account is inaccessible.
Conclusion on How to Stop Chasing Losses When Gambling
You now know some of the best (and most proven) ways to stop chasing losses. Put the above-mentioned strategies into action and quickly regain control of your gambling spending and habits. If you still cannot eliminate the problem, then make sure to self-exclude yourself from the gambling platforms that you currently use.
