Betting Amounts That Keep You From Going on Tilt

Robert K - February 6th, 2008 .

Last night , a very respected sports bettor made a mistake I couldn’t believe. And, he’s successful enough to recover from his error with minimal damage to his bankroll. If you make the same mistake, you might not be! He had a huge bet in a game played early in the day. He was very confident in this selection, and had more exposure than normal as a result. Everybody loves to win big bets. Nobody likes to lose them.

As it became clear during the course of the game that he was unlikely to win, he just got angrier and angrier. You’ve heard the term “going on tilt” in the world of gambling. I was about to see it happen.

Instead of taking his medicine, accepting the loss, and moving on, my friend decided to make a big bet in a new game that was about to start. It was a selection he wasn’t even going to bet in the first place. But anger about the lack of defense in the first game inspired a notion that “nobody plays defense any more,” in my angry friend. He made a big impulse bet on an Over. It wasn’t as big as the first bet that loss. It was a large sized play though.

You can guess what happened.

Because my friend had bet an amount he couldn’t handle emotionally in the first game, he acted irrationally and lost a second big bet. If you find yourself digging a hole, put the shovel down!

Note that this wagering mistake wasn’t much about proper analysis, or shopping for the best line, or using money management strategies to maximize your edge. It was just a tantrum from somebody who lost his cool.

I think this is a concept that doesn’t nearly get enough attention. Part of the winning process is the proper evaluation of the elements in play. If you can’t think clearly, you can’t properly evaluate. It’s critical for you to find a comfort level in your sports wagers in terms of your bankroll AND your ability to think straight. It’s not just “is this the right amount given the size of my bankroll?” It’s also “will this amount influence my ability to make proper decisions in other games today?”

My friend lost about 4% of his bankroll on his big play, then lost another 3% on a bet that should never have been made. It’s a lot easier to climb out of a 4% hole than a 7% hole. If he had risked just 3% on that first bet, he probably wouldn’t have had such an angry reaction. His other winnings last weekend would have covered that 3% loss anyway. He would have broken even and moved onto the next day. Instead, he took a really big hit.

Finding a “comfort level” in wagering means developing the calm confidence to go forward and play intelligently when you’re not winning. You can’t make smart bets if you’re not thinking clearly!

 

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One comment | Add One

1. 1 D@nPunter - 02/6/2008 at 9:15 pm

    

   To avoid chasing loses try making all or most of your bets at the same time. But thats easier said than done of course .

    

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