Winning and losing is all part of the process when it comes to sports betting. Sometimes you’ll win, sometimes you’ll lose.
In a separate article, we talked about how to deal with losing. But what gets spoken about much less is how to deal with winning.
We all surely know someone who’s won a lot of money at sports betting.
“Wow! Did you hear that our buddy won over $5 sports betting last week?”
“Yeah. He’s lost it all since, though.”
It’s a familiar story. An individual will win big – and then lose it all.
“Why would they do that?” their friends ask themselves. “If that was me, I’d have put that money aside, used some of it to pay off my bills and used the rest to go on vacation!”
So yeah. Why did they win big and then lose it all? Why didn’t they put that money aside and spend it wisely?
How did they manage to lose so much so quickly?
It’s because they didn’t know how to deal with winning.
In sports betting and gambling in general, there’ll come a time when you win BIG. There’ll also come a time when you go on a crazy winning streak where it seems that you simply cannot lose.
But unless you know how to deal with winning, all that money you win will eventually disappear. You will lose it all.
There are times when an athlete feels invincible. When Steph Curry hits 3’s all the damn time, he probably begins to feel that he can hit 3’s blindfolded. He literally cannot miss.
Confidence is amazing in sports. It’s necessary. When a tennis player is brimming with confidence, they start going for more winners.
And they start nailing more winners.
Sports betting and gambling are the same. If you go on a winning streak, it’s very easy to get so carried away that you feel invincible. You simply can’t lose!
The problem with sports betting is that, well, it isn’t sports. If you get over confident because you’ve been winning, you could very easily place a riskier bet – and lose. This can then trigger huge losses because, all of a sudden, you realise you’re not invincible after all. And so to prove you are invincible, you chase.
When you win, accept that you won this time. Your judgement was good and maybe you got a bit of luck. But accept the win with grace and humility. Don’t get cocky and don’t get overconfident.
There comes a point in any sports bettors/gamblers day when they decide that the next bet will be their last.
The problem with winning or losing is that committing to one last bet can be tough. If we’ve been losing, we feel the need to keep betting in order to recover our losses before we go to bed. If we’ve been winning, we’re on such a high that we just wanna keep having fun.
Moreover, we’re clearly on a winning streak, so let’s keep this going!
But if that last bet loses? It’s so easy to lose our heads, to keep going – and to start losing.
If you’ve been winning and you’ve decided that the next bet is your last bet, it’s important that you commit to this being your last bet, no matter the outcome. If it loses, big deal.
Yes, it isn’t nice to go to bed on the back of a loss, but that’s all it is – one loss. You’ve had a good day, you’re in profit overall. So whatever happens with that last bet, make sure it really is the last bet. Don’t go crazy.
Let’s go back to our friend who won $5k but then lost it all.
Do you think he withdrew any of that $5?
It’s very unlikely.
It’s more likely that he kept it in his account so that he could keep gambling.
This is where the problems arise. Yes, it’s important to keep some of your winnings in your account because you need a bankroll. But unless you withdraw a certain percentage of them, it will be too tempting to gamble with it all.
Moreover, you may never see the winnings at all! Our friend who lost the $5k certainly never did.
So when you’re in profit, make it a goal to withdraw a percentage of your winnings/bankroll. Leave some in your account for gambling purposes, but make sure to enjoy/use some of it. That way, if you lose the rest, at least sports betting was worth it overall for you.
Interactive map with projections and information about the legalization for every state.Legalization Tracker
Discover which sportsbooks are the most trustworthy, offer the best bonuses, and find the active promo codes.
Our team consists of industry experts, professional gamblers, and passionate sports journalist. We have a rigorous review process and editorial standards and we do our best to keep treating our readers fairly and providing unbiased free and professional information.
120 k Monthly Visitors
200 + Helpful Articles