Betting Psychology for Dummies

If you want to learn how to earn money at sports betting, you will sooner or later come on such a phenomenon as betting psychology. In fact, there are widespread mistakes signaling that it is not you who control gambling, but it is gambling that controls you. The given article will tell you whether your thought pattern can directly influence winning amounts.

People think that they are better than animals are because of their ability to think rationally. The entire economic system is based on rational choice theory stating that people always tend to maximize their own advantage and minimize possible losses. Is it completely true? Generally, the answer is yes, but there are numerous exceptions that can doubt the given theory.

Irrational Betting

Behavioral scientists state that people not always act according to the rational behavior axiom. However, this opinion should be carefully discussed because there is a nicety to be considered: the thing that you want to get something does not mean that you will act in an appropriate manner.

In real life, the choice greatly depends upon situation, available alternatives, financial incitements, terms, goals, and ambitions. Thus, implicit faith in the fact that a necessary behavioral pattern is determined by a desire to earn money only is naturally irrational display of human mind. To tell the truth, rationality in the betting industry can be found so rarely that it seems to be a superpower.

Let us consider a following example. Team A won a previous match against a strong opponent scored four goals. That is why some punters will place a wager on Team A to score 2.5 goals in a following match against a weaker opponent. If you are among such punters, you are a victim of availability bias that is an inclination to evaluate the possibility according to given examples.

Also, there are a lot of gamblers who increase their stakes after a number of successive losses because they believe that the fortunes will eventually look up. This is a classic example of mistakes that are not the only cognitive distortions of the mind. If you do not want to lose your money, you should learn how to resist the mistakes. Psychologists have found a number of cognitive distortions that come out during gambling and lead punters to serious losses.

Thus, numerous people wonder how they can overcome the given distortions. A simple answer lies in the fact that it is just impossible. The only thing you can do is to control your actions by gambling according to mathematical expectation, rather than in accordance with your feelings and preferences that were formed in your mind just because you have decided to enter elite group of people who earn money at sports gambling.

Betting Reasons

In fact, there are two main reasons why people regularly place wagers. The first one is represented by entertaining goals. People who consider betting to be a kind of entertainment like to feel adrenaline rush, occasionally win, and obtain unexpected winning amounts. These people can easily place wagers according to their intuition and take pleasure in ups and downs. However, they should always remember one important thing. It is allowed to stake only such an amount of money that they can afford themselves to lose without any serious consequences.

The second reason is shown by people who seriously plan to earn a fixed income at sports gambling. In this case, you may not start gambling unless you explore how remunerative your wagers are. For this, you need to calculate the mathematic expectation and ignore your intuition. This can be explained by the fact that money earning is a protracted game where probabilities will finally make the truth.