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The irrationality in sports betting

The irrationality in sports betting
Not acting irrationally is one of the ways of success in betting.
by Academia   |   comments 0
Thursday, April 29 2021

If you are studying sports betting or you are already looking to win some money in this area, at some point you will end up reading about the psychological side of a bettor. At this point it is important that you read all this material and research about it, as this will serve as a pillar for you to evolve and not give up in the middle of the path, mainly because you have had financial losses. Sports betting is an extension of our daily lives, and we have to live daily with facts that are part of it. To act irrationally is a situation that we face all the time, both in society and in betting, so we will talk a little more about the subject.

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The way you think and act will directly affect your betting results, both positively and negatively. Have you ever stopped to think if you have control over your actions, if you act according to your rationality? Or do you let impulses and fallacies dictate something as truth, engaging in yourself? In betting, you will face these challenges all the time, and in practice it is much more complicated than in theory.

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The human being naturally feels superior for his ability to think rationally. In theoretical terms, as we have just mentioned, the idea is to maximize the maximum gains, and minimize any losses. Even if you have this in mind, when you are involved with a bet, you will seek to achieve what you have planned and will hardly be satisfied with the opposite.
Our choices and actions are totally dependent on the contexts, on our financial capacity in the variations that happen from minute to minute. In betting it is the same, because there are many variations, the game is dynamic and maintaining a rationality at a time like this, or thinking that you will act in this way, is something so difficult that it can be expensive right up front.
Your strategies and analyzes are also often taken by irrationality, without you realizing it, because your willingness to extract a profit from that event at all costs ends up taking you in these biased directions. One of them is the bias of availability, something quite common to happen in the decision making of a bettor. Calculating that an event is very likely to occur in the present or future, based on only similar examples that you had in the past, will make you a victim of this irrational way of analysis. Thinking that a team will score a lot of goals in the game that is going on, just because you quickly remembered that in past rounds they scored with a satisfactory average, will make you enter the availability bias statistics.
Increasing the volume of money wagered, after a few straight losses, just because you believe that lightning bolt will not fall twice in the same place, or thinking that you may not be so unlucky, is also an irrational way that every gambler suffers in times of losses. and results that didn't go as planned. This irrationality of believing in rituals or probabilities that are more legendary than based on mathematical, probabilistic studies, is a clear example of the fallacy that our mind places on us, creating a trap when it comes to making many decisions.
You may be wondering how we should act so that we do not follow this somewhat psychologically dangerous path. The truth is that overcoming them is not the right answer, but controlling them. If you want to make money in a consistent and healthy way, try to calculate the expected value of the bet, checking and analyzing that possibility in depth, not letting your intuition or something similar be the decisive factor in your final choice. These results are often acquired over the long term, so stay focused.

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