Written by Miles Wigby — @wyattbets on Twitter.
Psychology plays a huge part in all forms of gambling. Winning at sports betting is no easy task and the psychological factors just make it even harder. No one likes losing, but unfortunately, variance is unavoidable and something you will experience if betting long term. Negative variance swings can come in all forms and at any time, staying strong mentally throughout is difficult but necessary if you want to profit from the long term edge. Here are some useful tips from professional sports bettors on how to keep your cool and decide to carry on betting throughout downspells.
One way you can deal with losing runs is by running some simulations, which will give you a better understanding of how probable a downswing is. For example, let’s say you are consistently placing bets with a 3% edge. Using a tool like SportsBettingCalcs you can run a simulation based on your bankroll size, stake size, and more variables to see some possible future results. Once you’ve inserted the data into the calculator, you’ll be able to see the chances of losing 10% or 50% of your bankroll. With access to in-depth data like this you can be better prepared for variance. So, if you are down 20% of your bankroll you won’t be as surprised, as you are already aware of the risks.
If you are not sure how to use the tool, check out the video below where Alex goes through his betting results using the simulator. Fast forward to 8:55.
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