The main question is, should we back the streak, place bet for streak to continue or bet against streak and hope that it will break like it did in the past.
There's no ultimate answer for this, but the first thing we need is to consider bet type on which streak is based on. There are 3 groups of streaks, 1. streaks mostly worth only breaking, 2. streaks to follow and 3. neutral streaks fore which we need to do more additional analysis before making decision how to use it.
Streaks to break
These streaks are mostly in lenght from 3-6 games in a row with the same outcome and appear frequently in streak form line but under condition that at least last 50 games are analyzed.
Here's the screenshot from Bet Record Longest Streaks Explorer 1.0, showing form based on bet type "Second Half Draw" prior to game between Lille vs. Lyon. As you can see longest streak is 4 games in lenght (last 4 red squares) and appeard already 5 times in the past, 6 times counting last one, and always break at 4th game. So if you believe statistics you would bet against Ssecond Half Draw, and won. Odds for "Second Half No Draw" bet were @ 1.7 before game started, maybe more in live betting. First half ended in a draw so it was possible to bet against Draw as the final result at the half time, the bet would be the same. Final score was 2:0

Screenshot from version 1.0
Another great example is game between Grasshoppers and Sion.
In streak form
we can see that Grassoppers managed to keep clean sheet maximum in 3 games in a row. Longest streak appeard 3 times total in last 163 Grassoppers games, this is good scenario to believe to statistics and
place bet "Away Team Scores". Odds were @ 1.5. Final score was 0:2
Even better type of streak to break is streak based on bet type "Final Score" and "Halftime / Fulltime", the reason is because results don't usually repeat often, or better to say repeats are very rear.
After analyzing results of thousands of predictions, it's not surprising that bets against CORRECT SCORE and HALFTIME / FULLTIME have very high winning percentage, ranging from 93% to 97%.
Now this is where you can "grab" something! How?
But there's something you need, betting exchange, to be more precise
Bet Fair, the best place to bet! At Bet Fair it's not only you can bet on something, you can bet AGAINST (LAY) ANYTHING!
All standard types of bets you can place at regular bookies, but there are lots of bets (bet types) you can't find anywhere than betting exchange. Laying / betting against an outcome is what exchange betting is all about.
BETTING AGAINST, LAYING CORRECT SCORE OR HALFTIME/FULLTIME
Let's say that winning percentage is 95%, that's geat, what more can you ask for? But what about the odds. You can Lay (bet against) correct score before game starts, but...the problem is low odds, or even worse, very low odds.
For example, you want to LAY 2:0 correct score, it depends on the game, who is playing and so on...but in our case LAY odds on correct score is 10.5, when you convert this to standard odds format thats equal to 1.10, pretty low, but not that low as it would be if you try to bet against 3:0 or 3:2.
You can stake 100€ to win 10€ or you can wait for game to start and take the advantage of live betting (game must be available for live betting). With lots of live games you'll have no problem with this at
Bet Fair.
Odds are dramaticly changing when game goes live, you'll have to wait, and as the score changes the odds chages even more. So with odds against correct score before game starts @ 1.05, when in play, you can easily find odds @ 1.8 or more on that same bet. It all depends on situations on the field, time...It's on you to find the chance and grab it when the right moment comes.
When betting against Halftime/Fulltime the situation is similar. You can bet against HT/FT before game starts or go in play and place bet on final outcome after the first half ends, if game develops as expected.
I
Streaks to follow
Are streaks with long serie of same outcomes, from 10 even to 30 games in a row. Information given from these type of streaks is mostly better to use to back streak rather to bet against it. These type of streaks are mostly related to bet types as, No win, Team Scores, Over 1,5, No Draw, No Clean sheet.