The Best Advice on how to Discern Facts from Rumor in Betting

People often share their opinions for free. Nevertheless, any information costs a lot, and it is a severe reality for ordinary gamblers. Their profits are earned at actions that are based on new information prior to the moment when the information influences bookmakers` odds. In the world where we can use more and more digital communication channels, an amount of free opinions increases exponentially, which leads to the post-truth era. So, there must be certain tips in order to find the most reliable information.

Any betting success depends primarily upon the fact if a bettor will manage to have precise and live information that can be obtained directly from an owner or accidentally listened in a conversation. The information source is not significant if the data are reliable, and you are the first one to get access to them.

Seeking the Truth

Most gamblers do not use modern technologies and complex models as well as do not have necessary connections; therefore, they do not have access to important knowledge. Their problem lies in the fact that they receive any information at second hand in the Internet and social networks. Provided the information is very expensive, its owners prefer being silent, while gossipers often report unchecked facts. However, it is a human nature to be in need of information.

Of course, it is always difficult to determine whether information is reliable or not. The given situation becomes even more aggravated thanks to modern mass media that do not check the reliability of news obtained from the social networks in 40% cases according to numerous studies.

Truth is Tantamount to Poetry

Michael Lewis, an American writer and financial journalist, tried to better understand a human nature and explained why untruthful information was more interesting for people than truth did. With this, he said: “Truth is poetry, but people hate poetry”.

The given quotation was said close to the financial crisis in 2008. Then, the writer wanted to understand why only few people were ready to combat with generally acknowledged opinion concerning the coming market disaster. It is interesting that few people managed to earn decent money at those tragic events. Thus, modern bettors should adopt their experience.

Confirmation Bias

One of reasons for fake news to be extremely popular lies in the fact that our faith in it is based on our desire to live in an “echo room”. We look for news that would confirm our right opinions concerning the world, and modern technologies significantly simplify this process because our Internet habits are monitored in order to provide us with the information that would be suitable to our preferences.

This confirmation bias can rope us in a “vicious circle”, which will result in the fact that there will be information of only one type in our lives. First of all, it refers to such fundamental opinions as political preferences. Nonetheless, sports opinions are coming into this group quite boldly. As a result, almost all the modern gamblers furiously hold their ground even if they are not completely sure in the reliability of information.

Thus, gamblers who live in the post-truth era should take thought to develop some measures in order to contribute to increased amount of credible data. For this, there are some pieces of advice that will help you to discern fake news from reliable information. First of all, you should think critically. Truth always lies somewhere between completely opposite points of view. Secondly, pay a great attention to an information source. If possible, apply special tools and mathematical calculations; Bayesian analysis is the perfect way for this. However, you should also remember that truth can occasionally be impenetrable, which is quite normal.