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Betting Articles

The advantages of betting with Intertops
Lazy Sports Betting Tactics
How to beat the bookies in the over-under markets
How to convert between decimal and American odds
How to get an edge in betting
How to test the credibility of a tipster`s record
Kelly criterion method
How to use Kelly Criterion for betting
How Weather Affects Sports Betting
Increase Your Chances of Winning Long Term Betting on Sports
Intermediate and Advanced Sports Betting
Common sportsbetting myths
Advices on Betting Fundamentals
Betting do's and don'ts
Choosing a staking method based on your betting profile
Betting staking plans
Value betting explained
Sports-betting- a game of numbers
Market movement in betting
Types of odds explained
European types of bets explained
American types of bets explained
Martingale Considerations in Sports Betting
In-play betting
Accumulator betting
Mobile betting
A Crash Course in Horse Racing
A Crash Course In Sports Betting
American odds versus decimal odds
Bankroll management
Money management in sportsbetting- odds, edge and variance
Basic bet types explained
Paying for Picks
Betting on winning streaks
Betting psychology- a crash course about aspiring professional bettors
Popular Sports Betting Beliefs
Do you make these 9 sportsbetting mistakes?
Does intuition have a place in sportsbetting?
Exchange betting
Randomness in sportsbetting
Fractional versus decimal odds
Home team advantage analised
How bad at sportsbetting are you?
Reasons to Keep Betting Records
How bookmakers make money
How bookmakers work
How do betting exchanges work
Should You Bet on Multiple Sports or Specialize?
How do free bets work
How does luck influence short term betting
How good are betting tipsters
Sports Betting for Beginners
How loss aversion impacts performance
How many sports to bet on
How Much Should You Bet On a Sporting Event?
Staking-one method to improve your betting
How much you should risk per bet?
How Sports Betting Has Changed Over the Last 20 Years
How To Avoid A Big Sports Betting Loss
The art of multiple betting
The history of lotteries
The value of information in soccer betting
Three careers ideally suited to betting
Tips for Better Sports Betting Results
Types of Online Sports Betting Bonuses
Understanding and managing your risk of ruin
Understanding Horse Racing Bet Types
Understanding Live Betting
Value betting is an essential skill for bettors
Ways to Increase the Percentage of Sports Bets You Win
What are drawdowns and how to manage them
What are the most common mistakes the bettors make
What are the real chances of winning the lottery?
What distinguishes winning from losing betors
What is a handicap soccer betting?
What is the Fibonacci betting system?
What is the Labouchere betting system
What is the Martingale staking system
Why do we gamble? Irrationality and overconfidence
Why patience is an essential trait for any serious bettor
Poisson Distribution: Predict the score in soccer betting
Fixed Staking vs. Variable Staking
Basketball betting: Bet types explained
7 Sure-Fire Baseball Betting Strategies
How Does In-Play Betting Work?
To Parlay, or Not to Parlay?
Wisdom of the Crowds applied to betting
CASINO ARTICLES
A Novice’s Tutorial on Casino Gambling Games
How to Gamble with Dice – Popular Dice Games and Their Variations
How Online Casinos Helped Me Love Roulette Even More
My Top Three Tips for Getting Comps in Casinos
5 blackjack stereotypes
5 Gambling Tricks You Can Only Use Online
5 LITTLE-KNOWN FACTS THAT AFFECT YOUR AVERAGE HOURLY LOSS IN A CASINO
5 REASONS CASINO GAMES ARE SO ENTERTAINING
5 Things All Casino Gambling Fans Are Sick of Hearing
5 Tips to Managing Your Casino Bankroll Effectively
The Five Most Important Tips I Ever Learned on Bankroll Management
5 Rookie Mistakes in Blackjack and How to Avoid Them
7 roulette variations probably you have never heard of
7 THINGS YOU NEVER KNEW ABOUT CASINOS
7 Ways Casino Players Sabotage Their Chances of Success
How to Tell If You’re About to Make a Mistake with Your Next Casino Bet
The 12 Types of People I Meet in Casinos – Analyzing My Fellow Gamblers
10 SURE-FIRE CASINO GAMBLING STRATEGIES THAT WORK
What I Love Most About My Three Favorite Video Poker Games
The Last Guide to Video Poker Tournament Strategies You’ll Ever Need
Baccarat and the Martingale System – Can It Work?
Is There a Gambling System That Never Loses?
Combining the Martingale System with Odds Bets in Craps
Which Bets on Which Casino Games Offer the Best Odds of Doubling Your Money?
What’s Next for Online Gambling?
Using Self-Discipline in the Casino
20 ONLINE GAMBLING TIPS
Going All-In – When to Bet It All in Poker
10 Things I Wish I’d Known About Roulette Before I Started
Who’s the Best Video Poker Player in the World
Are No-Deposit Bonuses at Online Casinos a Waste of Your Time or Worth Going For?
Are Online Casino Bonuses Worth Taking?
BEATING BACCARAT – WINNING SYSTEMS & STRATEGIES
CHOOSING THE RIGHT SLOT MACHINE
EUROPEAN VS. AMERICAN ROULETTE
EVEN MONEY CASINO BETS
Feel Confident When Gambling Online – 8 Tips to Help You Choose a Secure Site
Finding the Best Slots Online
Gambling and Poker Playing: 10 Things to Know
GAMBLING GAMES THAT ARE REALLY WORTH TRYING
HOW TO AVOID GOING BROKE AT THE ROULETTE WHEEL
HOW TO GET YOUR FIRST ONLINE CASINO SIGNUP BONUS
How to make a million playing video poker
How to Spend Your Gambling Winnings
HOW TO SURVIVE A BLIZZARD AT THE CRAPS TABLE
HOW TO WIN AT ROULETTE
How to Win Consistently at Casino Gambling
How to Win Consistently at Craps
How to Win Consistently at Roulette
HOW VOLATILITY WORKS IN CASINO GAMBLING
Is It Possible to Play Roulette as a Career (Or Even as a Part Time Gig)?
Is One Blackjack Game Better Than Another?
MONEY MANAGEMENT STRATEGY FOR YOUR NEXT CASINO TRIP
ONLINE CASINO DISPUTES
SKILL BASED CASINO GAMES: PROS AND CONS
The 5 secret joys of casino gambling
The Benefits of an Online Gambling Environment
The Best Long-Term Strategies for Playing Progressive Jackpot Slots
THE BIGGEST JACKPOTS IN ONLINE GAMBLING
THE EASIEST WAY TO LEARN BLACKJACK STRATEGY
THE HOUSE EDGE
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The Surprising Secret to Winning at Casino Gambling
Who Takes Care of Your Safety at Online Casinos?
Why Don’t Craps Players Just Use the Right Strategy?
Why I love American roulette
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WHY IS THE DON’T PASS BET BETTER THAN THE PASS BET IN CRAPS?
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Betting psychology- a crash course about aspiring professional bettors

If you are trying to learn how to make money in sports betting, you will sooner or later come across the term betting psychology. Can your mindset directly affect your profits? What are the most common mistakes and how can you avoid them? Are you in control of your actions or are they in control of you? Read on for a crash course in betting psychology. 

As humans, we consider ourselves superior to animals due to our ability to think rationally. Our whole economic system is based on the rational choice theory. The theory assumes that in any situation people strive to maximise their advantage and minimise their losses. Makes perfect sense, right? Well, it does on paper, but is this really how things work in practice? Let’s find out.

Putting the rational choice theory to the test

In economics, preference is the ordering of the alternatives based on their relative utility, i.e. satisfaction derived or reward. If we know that a fruit lover called Mary prefers a mango to strawberries and strawberries to an apple, we can predict that given the choice between a mango and an apple, she will go for mango.

Now let’s imagine Mary joining the birthday party of her 6-year-old neice. Her health-minded sister decides to offer fruit instead of candy and the kids seem to love it; so much so that when Mary approaches the dessert table there are only two bowls of fruit left, one filled with mango slices and another with an apple cut in half. The moment she reaches for her favourite fruit, two kids storm to the table in a race to get the mango.

Psychologists have found a series of cognitive biases at play that consistently leads bettors to lose money.

Mary decides to divide the mango slices into two portions and teach them a lesson about sharing before settling for the apple.

Blindly believing that just because you told yourself that you want to make money by betting means you will also act accordingly is an irrational assumption.

What has happened here? Mary is an adult and can keep the mango for herself if she wishes to. But she does not. Is Mary irrational? According to behaviour scientists, the satisfaction Mary derives from keeping two children happy is greater than the satisfaction her taste buds would receive from eating the mango, and therefore she goes for the “irrational” choice of the apple.

Let’s examine what she would choose in a different context. Mary is an over-spender. It is one week before pay day, she is already in her overdraft and furious about her spending habits. On her way to the library, she bumps into a friend called Gary. Gary is indulging himself in a bowl of freshly cut apple, topped with cinnamon and a dash of honey, which he offers to share.

Her sweet tooth is urging her to buy mango and vanilla ice-cream to accompany it with, but that would cost her money. She accepts the offer in frustration. What if the same scenario played out right after pay day? Mary can now afford to buy the mango and vanilla ice-cream she likes as well as the delicious chocolate syrup she loves to top it with. Would you bet on her settling with a free apple? 

All you can do is control your actions by placing bets based on their Expected Value, rather than your feelings and assumptions because you are determined to make money in sports betting.

Fast forward to pay-day. Mary reads a book about how to get in control of her finances and she is now determined to take charge of her bank account. It will not go into negative again. She calculates her maximum daily budget and goes to the supermarket with a list of groceries to abide by. Once she has completed her shop, she realises that according to her calculations she is allowed to spend another $2.

She goes straight to the fruit section and checks the prices. A pot of mango cubes costs $2.50, a pack of sliced apple is $2.00 and a bowl of strawberries $2.00. This time around though, Mary is determined to defy her feelings and act in accordance with her goals. She reaches out for the strawberries, satisfied about her ability to stay disciplined.

Irrationality applied in betting

Are behaviour scientists right in claiming that people do not consistently act in accordance with rational axioms? This is a long discussion but if there is one point worth taking on board it is that just because you said you want something, don’t assume that you will act accordingly.

Real life shows that choices are so dependent on context, available alternatives, financial incentives, timing, goals and ambition that blindly believing that just because you told yourself that you want to make money by betting means you will also act accordingly is an irrational assumption in itself. In fact, rationality is so rare, that it is almost a superpower.

Does it make sense to place a bet on Over 2.5 goals just because a team easily scored four goals in their last match against a strong opponent and they are therefore almost certain to do it again against a weaker team? If you think it does, you are the victim of availability bias. 

If you are serious about achieving a consistent income from betting, do not place another bet without checking that it serves your purpose of consistent profitability by calculating its expected value.

Have you ever increased your stake after a series of losses? It is time for your luck to change after all, isn’t it? This is a classic case of gambler’s fallacy; which is not is not the only mental pitfall bettors have to protect themselves from. Psychologists have found a series of cognitive biases at play that consistently leads bettors to lose money.

So, how do you overcome these biases? The simple answer is that you can’t overcome them. All you can do is control your actions by placing bets based on their Expected Value, rather than your feelings and assumptions because you are determined to become part of that elite minority who make money in sports betting.

 

Expected Value

The amount a player can expect to win or lose if they were to place a bet on the same odds many times over, calculated through a simple equation multiplying your probability of winning with the amount you could win per bet, and subtracting the probability of losing multiplied by the amount lost per bet.

 

So, why do you bet?

Are you aware of your reasons for betting? Do you enjoy the adrenaline rush? Do you like the random reward of the occasional win? Is it your favourite way of socialising? If you answered yes to any of the above, then betting is a means of entertainment for you. Feel free to keep on betting based on your gut feeling and enjoy the roller-coaster. Just keep one thing in mind: as with any type of entertainment, make sure you only spend money that you can afford to lose.

If, however, you are serious about achieving a consistent income from betting, do not place another bet without checking that it serves your purpose of consistent profitability by calculating its expected value, irrespective of whether you have a gut feeling about it or not. Because money making is a long game and in the long run, probabilities don’t lie.