Ages ago, betting is the primary source of humanity’s entertainment. Its popularity never goes down since its discovery mainly because it keeps on evolving to satiate the bettors’ desireto have fun, win, and earn some cash. For this reason, the gaming houses both online and onsite never run out of customers.
Online Betting: The Greatest Income Generator
According to recent statistics, 26% of the worldwide population bets, which is around 1.6 billion, while 17% of it bet online. The other 4.2 billion admitted that they have betted at least once a year. Seeing this data, it is not a wonder why the betting industry generates billions of revenues. What’s more astonishing is that online betting alone can profit at least £5.3 billion. This huge return of investment (ROI) is caused by excessive betting behavior of people which is propelled by an erroneous belief in luck, chance, and probability.
The Error behind Excessive Betting Behavior
Compulsive betting behavior is a mental disease that derails the thinking process of some gamers and even severs their relationships towards family, friends, and worst—to themselves. This is also the chief reason why most betting addicts fell into a financial loophole. This kind of situation begins in not having the proper mindset about waging. As a gamer, you must know that every game can be typified as pure chance- or skill-based. A chance-based game is principally governed by probability and statistics whereas skill-based lie on your knowledge and tactics in the game paired with probability still. If these types are not well understood, gamers will either develop a wrong belief about control, luck, prediction, and chance which causes the development of compulsive betting behavior. According to the psychology of gambling, these 5 mental factors can urge bettors to keep on betting even if they are already losing so much.
- The availability heuristic, also known as availability bias, refers to the bettor’s swift reaction time when presented with a situation that has a similarity to past events. They think that a single win is a road to a winning streak. This false thinking is usually rooted in the thought that fate favors them suddenly. So, they keep on waging and overestimate the winning probability.
- Gambler’s fallacy in its simplest term is like the bettor’s choice to cling unto false hope. This kind of mindset begins when a bettor found a pattern in the winning and losing frequency in the game. Once this pattern reoccurred, they wage even though the past winning and losing have entirely nothing to do with the present situation since betting games are based on probability and not on sheer luck.
- The illusion of controlrefers to the unrecognized false sense of control over a game. Some bettors think that a simple enchantment or cursing your opponent can turn the favor on them.
- Loss aversionis like racing with losses. The bettor keeps on waging just to regain what was lost.
- Partial reinforcement happens when the bettor is stimulated by the 0 to 100% winning chance range. Their mantra is: “as long as there is a chance to win, I will keep on betting.”
Misunderstanding the concept of chance and probability paired with frustration and agitation will lead to bad betting habits. So, always practice mindfulness in everybet. If you want to practice your newly gained knowledge on betting psychology, try testing it through Joker388.