Over a hundred billion dollars are lost gambling in the United States every year. Add that number to the billions that are lost gambling across the rest of the world and an obvious yet often forgotten truth becomes clear…
Casino games are built for players to lose.
Now, professional players have developed strategies that substantially limit the house’s edge. That fact is why so many people create careers for themselves as gamblers.
Still, even with the best strategy, a player will inevitably stumble on a losing streak.
Losing streaks are never fun to deal with but whether you’re a casual player or a budding professional, you need to learn how to manage them to limit losses and to keep enjoying what you do.
Below is a simple step-by-step process players can take to get back on track when they feel like their luck has derailed.
1. Accept Losing Streaks as Part of the Experience
The first step to managing a losing streak is accepting that they’re going to happen. No regular gambler has ever managed to avoid one, and if you haven’t experienced the sting of elongated losses yet, chances are that you will at some point.
The sooner a player can come to terms with that reality, the better prepared they’ll be to deal with it when it rears its head.
As is discussed in this article, a losing streak isn’t a time to freak out. It’s a time to analyze your style of play and to potentially make improvements that can skyrocket your gambling profitability in the future.
2. Make Sure Alcohol and/or Drugs are Not Part of the Equation
This is an obvious point but one that’s worth mentioning. If you’re losing a lot and are showing up to the casino floor or are betting online while drinking excessively or using drugs, stop.
Being intoxicated and gambling do not mix.
Players may have found luck in the past betting while under the influence, but that is not a scalable strategy.
Consistently winning while gambling takes immense focus and discipline. Being inebriated dulls one’s ability to exude either of those qualities.
3. Understand What Constitutes a Losing Streak For You
One person’s losing streak could be another person’s every day variance. Because of that, there’s no hard rule when it comes to when you need to hit the breaks and reset.
What experts suggest is that players define what a losing streak is to them early so that they know when to start working through their fixing process.
4. Reference Betting Records to Understand What the Problem Is
Professional gamblers typically keep records of how they approached each game they played.
These records include bets that were made in certain situations and other details that may be valuable to post-game assessments.
Reference your betting records to understand if a losing streak is due to an adjustment in your approach. If you’re not noticing any variance in play, you’re likely looking at a change in the winds (which players have no control over) more so than a problem that is fixable.
5. Piece Together Possible Solutions, Get Feedback, and Test
Gambling is commonly compared to marketing given that both disciplines leverage a trial and error approach to determine what the best course of action is going forward.
In marketing, when results don’t go as planned, teams will put together a list of possible new approaches based on performance research. They will then put their solutions to the test in what’s called A/B testing.
Depending on which solution works best (A or B), that will be the strategy going forward.
Taking the same approach with gambling is a strategy many professionals utilize. They analyze their betting records, hypothesize solutions, bounce those solutions off of other professionals for feedback, and put solutions to the test.
6. Always Approach Losing Streaks With a Systematized Response
The worst thing a player can do when they come upon a losing streak is to get emotional.
Emotion in gambling leads to chasing. Chasing leads to heavy losses.
Never forget your process when you’re met with notable losses:
Define a losing steak, assess your records when you’ve hit that losing streak. Determine if it’s play style or luck that’s affecting success. Come up with possible solutions, elicit feedback, and test.
Players that can systematize their response to losses have an excellent chance at building a career.
7. Consider Taking a Break
Sometimes, no matter what’s done, it seems like luck just isn’t in a gambler’s corner. The constant beat down of losing can wreak havoc on a player’s mindset which can put them in a negative funk and may lead to more losses.
The best solution in these cases is to take a break and adjust your focus for a while.
With a clear mind and a sound strategy, you’ll be ready to tackle gaming more successfully.
Closing Out Tips on How to Handle a Gambling Losing Streak
All gamblers experience a losing streak at some point in their lives. That goes for both professionals and casual players.
One’s ability to approach their losing streak with a calculated response as opposed to an emotional one can make a world of difference in the level of success they experience going forward.
Gambling successfully is directly related to the amount of work a player is willing to put in off of the casino floor in regard to their education.
If you’re interested in picking up the latest betting strategies, check out additional content in our learning center today.