What Are Cognitive Biases in Sports Gambling and Common Types
The online gambling industry seems to be thriving. What’s the reason behind this?
Gambling in all its forms and types has been around for centuries. From something that was a private thing for close friends and family members, to astounding casinos in some of the most wonderful and most popular cities in the world such as Las Vegas or Monaco – gambling has come a long way to what it is today. Brick and mortar casinos are still extremely popular, but they are slowly becoming tourist attractions that are on the people’s bucket lists. On the other hand, there are better and more convenient alternatives when it comes to gambling.
This is the case with online casinos, websites and platforms as well as sports books. One of the reasons why online gambling is more common now than brick-and-mortar gambling is the fact that you can indulge in any of your favourite games 24-hours a day, anytime and anywhere. It is private and you can gamble in the comfort of your home, without having to physically go to a building to do this.
But this is not it; you can use your time while you’re waiting in line or while you’re at a boring meeting. Although Sports Betting and gambling in general is quite accepted by society, it’s still somewhat stigmatised. Gamblers are usually being called people with addiction, which is not true nor is it a rule. You can enjoy betting on your favourite Sports without being addicted to it or playing slots after a stressful day at work, just for fun.
However, everybody knows what are the most popular elements of gambling that make people wanna indulge in it, and repeatedly bet or gamble. These are the elements such as excitement, taking risks, anticipation and finally, the feeling of success and happiness when you manage to win money. This is what makes people want more. There’s a complicated science behind a gambler’s mind. One thing’s sure – these games are based on our psychological traits and it’s all about emotions and behaviour patterns.
That being said, when it comes to winning money, it’s not always about the skills or the odds of winning, there’s a lot about your mindset, your self control and your strategy. When it comes to Sports Betting, one of the most popular forms of gambling, it seems like there are plenty of biases that either can help gamblers to win or lose money.
We are mentioning Sports Betting because there are at least 10 most common biases, which is definitely more, compared to poker or slots for example.
According to CAUnibet, every person who has ever put a bet on their favourite team or Sport, has experienced a certain type of bias. Some of them managed to overcome it and some of them took advantage of their biases. Luckily, if you’re aware of them it can help you a lot. Here are some of the most common biases when it comes to sport betting:
Following the feeling
One of the most common mistakes and one of the biggest mistakes you can make is to follow your feelings rather than follow the data. What does this mean in reality? It means that people who usually make gambling decisions just following their intuition or their inner feeling usually end up losing money. This is especially the case with Sports betting because it’s usually based on data, history and very precise calculations for the future. This is why it’s more than irrational to use this method rather than checking the results first.
Doing the opposite thing
It’s not unusual for people to quickly assume that if a team or a player is constantly losing, it will be like that forever. They might pick another team to bet on and lose their money, without even being aware of what happened. On the other hand, if a team is constantly winning, this isn’t a guarantee that it will continue happening either. This means that you can’t rely solely on several most recent wins and make your assumptions based on that. Instead, make a thorough research and take a look at the winning and losing history of the team or player you wanna bet on.
Relying on the latest events
At the same time, if a team, a sport or a player is extremely famous but they’re constantly losing, or they are quite unpredictable and there are no patterns to follow when it comes to their achievements, then the worst thing you can do is to focus only on the latest wins or losses, since this is not an indicator of what could happen in the future. Always make sure to look at the bigger picture.
This bias is pretty common. If you really wanna have good results and if you’re planning on winning big, you can’t just scratch the data surface. You need to dive into the world of information and make a good strategy after you collect as much info as it is available. This is the only way to make accurate decisions and predictions. Imagine taking only winnings in consideration, and missing out on adding losses to your statistics! Chances are that you will lose money at some point.
Relying on your losses
On the other hand, if you’re constantly betting on certain teams or sports and you’re constantly losing, this doesn’t mean this is a rule and that it will always be like that. One thing is sure: you shouldn’t ever bet when you’re in a bad mood, since this is exactly the situation in which you will end up losing. Try to focus on data instead, and make sure to be objective, rather than pessimistic.
Focusing on your personal preferences
Loving a team or a sport is one thing, but gambling is another one. Loving a team won’t make it win, nor will it make you win money. If you admire a player or you find him excellent, it doesn’t mean you should bet on him. Instead, you should always look at the statistics and make decisions that way.
Betting under influence
Some people think that if they drink alcohol, it will help them make decisions with ease, less anxiety and stress. However, in reality, this is one of the worst things you can do. Always be sober, and if betting is too stressful for you, simply consider doing something else.