Psychology of sports betting

There are two things you can count on as a lifelong sports bettor:

1. You will have winning streaks.
2. You will have losing streaks.

• The big difference between a successful bettor and a losing one is the way these streaks are interpreted and acted upon.
   
• When on a winning streak, bettors are often tempted to drastically increase their bet sizes and take short-cuts with their homework.
   
• When on a losing streak, bettors often start to doubt their judgment and have trouble pulling the trigger on bets. Or, even worse, they get desperate and try to pull back cumulative losses with one big bet.
   
• The road to success in sports betting is long, slow, steady.
   
• For many bettors, though, three or four consecutive results -- whether positive or negative -- can be enough to drastically alter their strategy. Statistically speaking, however, these short-term "streaks" are completely normal in any long-term distribution of results.
   
• When you are on a winning streak, remind yourself of the following:
  • You are not a genius - be humble
  • Be patient; you still need to do your homework
  • Chances are, you have had some good luck
  • Again, be humble
     
• When you are on a losing streak, remind yourself of the following:
  • You are not cursed -- be positive.
  • Be patient; opportunities will arise in due course.
  • Chances are, you have had some bad luck.
  • Again, be positive.
     
• Being completely emotionless is next to impossible. But the more you start to understand your emotions and how they tend to influence your wagering actions, the better results you are going to see.