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WHERE DO YOU BET?
Category: Betting Psychology The hindsight bias effect in sports betting

Research in neuro-economics, the science that seeks to explain human decision-making, has shown that money-making experiences are processed by the brain in the same way as chemically-induced highs, while financial losses are handled as if mortal dangers. So what can bettors do to increase their chance of profitable survival while…
Why patience is an essential trait for any serious bettor

Betting for a living is often romanticised as being about big-decision moments and the highs of pulling off life-changing wins. The reality couldn’t be more different. Bettors need to work hard, learn quickly and be disciplined in order to succeed. Patience is also an essential trait for any serious bettor,…
Betting psychology: A crash course for aspiring professional bettors
Why do we gamble? Irrationality and overconfidence

For disciples of rational choice theory the business of gambling presents a headache. Supposedly individuals always make rational decisions by trying to maximise their advantage whilst minimising their losses. You wouldn’t pay €1,000 for a holiday if you thought it was worth only €500. If a bet has an expected…
Applying behavioural economics in sports betting
The Gambler’s Fallacy & law of large numbers
Optimism bias in betting
Are winning streaks in sports betting real?
Predictive skills – Are you a Fox or Hedgehog?

It’s unlikely that you have ever wondered whether you are more like Fox or a Hedgehog. Important scholars stretching back to the Grecians have, however, used this animal analogy to characterise important traits that illustrate the way we think and impact our ability to successfully predict. One man’s crusade to…
Wisdom of the Crowds applied to betting: can it effect a sports betting prediction?
The difference between sports and sports betting

One of the most common betting mistakes is to confuse specialist knowledge in sports with a specialty in sports betting. This error is illustrated by the proliferation of ex-professional sports stars that become betting tipsters or self-proclaimed experts, and is neatly described by the “Green Lumber Fallacy”. One of the…
How confirmation bias affects your betting
Why players perform better when they’re losing

Whether a golfer, soccer player or tennis star, professional sportsmen hate to lose. That’s obvious. But did you know that athletes actually perform better in situations where they are striving to avoid defeat, rather than if they were just aiming to win? The psychology behind this “loss aversion” is simple:…
Are winning streaks caused by great skill or good luck?
Understanding the Halo Effect
The dangers of weighting probability from intuition
Guarding against the dangers of superstition

People are prone to misinterpreting a sense of control in situations that are inherently random, uncontrollable or unpredictable. This illusion of control is especially pertinent to gambling, and should therefore be something that all bettors understand and try to guard against. Find out how. The Need for Control – Skinner…
The Monty Hall Problem: knowing when the odds are against you

The Monty Hall problem is a prime example of how, when presented with the simple challenge of selecting one favourable outcome against two unfavourable outcomes, we display a basic inability to correctly weigh up the chances of success. This is crucial for bettors because in simple terms, if a bettor…
Why bettors should understand heuristics
The hindsight bias effect in sports betting

Research in neuro-economics, the science that seeks to explain human decision-making, has shown that money-making experiences are processed by the brain in the same way as chemically-induced highs, while financial losses are handled as if mortal dangers. So what can bettors do to increase their chance of profitable survival while…
Why patience is an essential trait for any serious bettor

Betting for a living is often romanticised as being about big-decision moments and the highs of pulling off life-changing wins. The reality couldn’t be more different. Bettors need to work hard, learn quickly and be disciplined in order to succeed. Patience is also an essential trait for any serious bettor,…
Betting psychology: A crash course for aspiring professional bettors
Why do we gamble? Irrationality and overconfidence

For disciples of rational choice theory the business of gambling presents a headache. Supposedly individuals always make rational decisions by trying to maximise their advantage whilst minimising their losses. You wouldn’t pay €1,000 for a holiday if you thought it was worth only €500. If a bet has an expected…
Applying behavioural economics in sports betting
The Gambler’s Fallacy & law of large numbers
Optimism bias in betting
Are winning streaks in sports betting real?
Predictive skills – Are you a Fox or Hedgehog?

It’s unlikely that you have ever wondered whether you are more like Fox or a Hedgehog. Important scholars stretching back to the Grecians have, however, used this animal analogy to characterise important traits that illustrate the way we think and impact our ability to successfully predict. One man’s crusade to…
Wisdom of the Crowds applied to betting: can it effect a sports betting prediction?
The difference between sports and sports betting

One of the most common betting mistakes is to confuse specialist knowledge in sports with a specialty in sports betting. This error is illustrated by the proliferation of ex-professional sports stars that become betting tipsters or self-proclaimed experts, and is neatly described by the “Green Lumber Fallacy”. One of the…
How confirmation bias affects your betting
Why players perform better when they’re losing

Whether a golfer, soccer player or tennis star, professional sportsmen hate to lose. That’s obvious. But did you know that athletes actually perform better in situations where they are striving to avoid defeat, rather than if they were just aiming to win? The psychology behind this “loss aversion” is simple:…
Are winning streaks caused by great skill or good luck?
Understanding the Halo Effect
The dangers of weighting probability from intuition
Guarding against the dangers of superstition

People are prone to misinterpreting a sense of control in situations that are inherently random, uncontrollable or unpredictable. This illusion of control is especially pertinent to gambling, and should therefore be something that all bettors understand and try to guard against. Find out how. The Need for Control – Skinner…
The Monty Hall Problem: knowing when the odds are against you

The Monty Hall problem is a prime example of how, when presented with the simple challenge of selecting one favourable outcome against two unfavourable outcomes, we display a basic inability to correctly weigh up the chances of success. This is crucial for bettors because in simple terms, if a bettor…