We’ve seen too many players win big, but keep chasing more, only to lose it all. Or, they lose a lot and keep betting some more to recover losses. It’s a vicious cycle, but one that you can overcome with some self-awareness, a change in perception and rational betting decisions.
So, while you can experience bouts of winning streaks in gambling, know that losing streaks are part of the package. The two work hand-in-hand. You need to shift your focus and maintain a balance in both scenarios, and we’re here to help you with all of that.
What are Winning and Losing Streaks – How do they Affect Players?
A winning streak is a run of good luck. You experience uninterrupted wins for a consecutive period while betting. Basically, you’re on a roll. It’s usually measured by winning at least three times in a row. On the flip side, a losing streak means just that—you experience a succession of losses.
Your losing slump can last for the next two games, an entire month, or longer. Sadly, having these streaks is what gets players hooked.
Unfortunately, in gambling, you can’t experience one and not the other. They co-exist. It’s how you navigate the highs and lows that count.
Why We’re Drawn to Winning Streaks
The emotional highs and confidence boosts associated with winning a bet are unmatched. It can make you think you’ve mastered the game. This increases your risk-taking, thinking you’ll get the same results on a much bigger scale.
When this happens, it’s easy to get complacent and place your bankroll management plan on the back burner while you enjoy your good fortune.
Moreover, emotional investment in streak continuation takes over. Suddenly, you fear that if you stop playing now when you want to continue later, the streak will have been broken. This is true when playing casino games like slots and Aviator.
Why We Want to Turn Losing Streaks Around
You’ll agree that losing streaks will surely put you in a slump where you experience emotional lows and decreased motivation. You have high expectations when you start betting. But when you lose a lot, you get low emotionally and will do anything to feel better.
Unfortunately, this impairs your decision-making. You think that if you only win enough to get back to your initial bankroll, you’ll be okay for the day. But it’s usually downhill from there. A fear of never winning again creeps in.
If you’ve won a lot before, you wonder if your good luck is gone forever, or if this is just a bad spat. You want to keep testing the waters to find out.
Throwing Good Money After Bad: Chasing Losses
Losing streaks cause players to use emotions to move forward. Instead of rational betting, you start loss-chasing, which, unfortunately, alters your reality. You fall under the “due for a win” illusion where you’re certain the next bet will win. You’re convinced that because you’ve lost so much, you’re due to win soon.
As a result, you start escalating bets to recoup losses. Again, bankroll management strategies go out the window. You’re no longer observing deposit or wagering limits and, in fact, decide to bet a lot more. The logic is, that if you win, you recoup everything in one swoop. But the other side is you can lose all that’s left in one swoop.
Pulling the Plug Too Soon: Protecting Wins
Enjoying a winning streak and riding the wave are synonymous with most players. On the other end of the spectrum, a player can win big, then become overly careful not to lose and safeguard their wins. While there’s no law in quitting while you’re ahead, extreme conservatism and risk aversion can take the fun out of the betting process.
The idea is to strike a balance between locking in profits and moving forward with your betting. It’s okay to cash out a portion of your winnings and leave some to keep playing and the momentum going.
Strategies to Maintain Balance
If you decide to keep on playing, there’s a correct and wrong way to go about it to enjoy mindful gambling practices. The last thing you need is to make irrational betting decisions driven by unrealistic expectations. You won’t go wrong with the following.
Identify Confirmation Bias and Selective Memory
In gambling, everyone wins and loses. You just have to take the good and the bad. Avoid focusing on one side. Don’t beat yourself up if things don’t go your way because it happens to the best of us. Instead, record bets to identify where your net wins or losses come from, and adjust your strategies accordingly.
Recognizing Streaks and Emotions
Getting a grip on your emotions is a powerful skill to master in gambling. Be in touch with how you feel when you win or lose and understand what this could make you do. This awareness is already winning half the battle. For example, if you know that a losing streak will result in you betting more, set a deposit limit from the jump.
Implementing Streak-Breaking Strategies
You need a plan in place to break both winning and losing streaks. Setting Win/loss limits is an excellent way to go about it. The best online casinos and sportsbooks let you set the maximum amount you can win or lose. If you reach that amount, you call it a day.
Refocusing on Long-Term Goals
Last but not least, understand why you’re betting. Is it for fun? Do you think you can make money? What do you want betting to do for you in the long term? Once you establish this, take the time to understand the risks. You’re better off focusing on the long-term plan instead of daily wins/losses. This will help you make better betting decisions.
The house has the upper hand
The bottom line is casinos are built for the house to win. At the same time, betting sites have more resources to determine match outcomes. As a result, it’s difficult for one person to win against them consistently. A winning streak can easily make you believe you’re the exception.
That’s why self-awareness of how gambling works and your betting habits is important. While gambling outcomes can go either way, the reality is the cards are more often than not, stacked against you. Practice discipline and develop a streak-proof mindset to rise above the winning and losing cycle.
