Sportsbetting seems to have a pretty bad reputation. Society sees it as a waste of time; participants are seen as degenerates. Sportsbetting is still a big pastime. But pulling apart your bets and sports biases can be a tough match. But you do have to learn how to do that if you want to stay away from bad bets.
Here are some of the biggest fallacies around sports betting that are worth ignoring.
Gambler fallacy
This is where we believe that the trials that have happened in the past will affect the events in the future. It is just like when you flip a coin- you’re either going to get heads or tails. The issue starts when you think what you will get now affects what happens later.
You must not apply this to a sports scenario- a situation where you think that a team that has won a few good shots has another win due later on. The reality is that they could easily lose out on the next game or goal. So, never bet on the final result based on past events or a feeling that the team is likely to win.
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Recency bias
When making a betting evaluation on a team or player, don’t spend too much time focusing on the most recent events. Instead, take a look at the bigger picture, the current matchups, and not just the last match results.
Outcome bias
When making a sports bet, don’t just rely on your instinct. Instead, look around for anything that will support your play. Don’t just assume that making the right call or play will help with your winnings outcome.
Availability heuristic
This refers to relying only on the most recently available information to make your decision. Here, you ignore the data, numbers, and research and go with your instinct based on what happened last.
Affect heuristic
This is when you bet on something simply because you like it, support it, and not because it’s the right approach. In sports, you must always wager on the teams that are likely to win and not because you like them. Nice player storylines add great emotional impact to a match. But it is better to place wagers on the proven team champions that have ruled the football leagues over the years.
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