The Psychology of Sports Betting: 5 Hacks for Staying Ahead of the Game
The sports betting industry is valued at billions of dollars and has become a significant pastime for over 2.5 billion people worldwide. However, winning big at betting isn’t that easy.
In this article, we will discuss the sports betting psychology and some hacks you can use to beat the odds.
Table of Contents
- What Is the Psychology of Sports Betting?
- 5 Hacks for Staying Ahead of the Game
- How to Bet on Sports Using Bitcoin
What Is the Psychology of Sports Betting?
Betting psychology refers to a gambler's way of thinking when placing wagers, which can positively or negatively affect the outcomes of their bet.
Many things may affect a bettor's decision-making process without them knowing. For instance, a study has shown that people in a good mood tend to place more bets.
The brain is prone to cognitive biases that may bettors’ subconsciously and could force them to think illogically. In a gambler's case, these biases may affect how they interpret and act upon information when deciding what wagers to place.
Let's examine some cognitive biases and how they may affect your sports betting endeavors.
Desirability Bias
This is the most common cognitive bias, and it refers to the tendency of gamblers betting on what they want to happen. For example, since most bettors are fans of the sports they wager on, they tend to bet on their favorite teams and players, which may be detrimental. Desirability bias is typical wishful thinking which has no place in sports betting.
Focalism
Also known as the anchoring effect, focalism is a bias that makes bettors place too much weight on the first piece of information they get about any event before making bets. For example, when comparing H2H statistics between two teams whereby one lost by a considerable margin previously, that sticks with you and influences your final decision.
Loss Aversion
Everybody, sports bettors included, hates to lose. In fact, gamblers hate to lose more than they enjoy their winnings, meaning the negative feelings accompanying bet losses far outweigh those that come with payouts.
These negative feelings sometimes become so intense that every bettor is out there trying to avoid losses, which may affect their ability to make sound sports betting decisions. A gambler may ignore value betting to avoid being reckless, but that amounts to a terrible betting decision.
5 Hacks for Staying Ahead of the Game
Below are some hacks that may improve your chances of getting profits from wagers, thus gaining a slight edge over bookmakers.
Play to Win, Not to Pass Time
To stay ahead of the game, you need to treat betting as a profit-making venture, not a hobby.
Sports betting is about making the right decision at the right moment, which may be handy in increasing the likelihood of positive bet outcomes. Whenever you decide to place wagers, you need to be well-relaxed, calm, and adequately informed about the decision you are about to make.
Understand and Avoid Cognitive Biases
The best way to succeed in gambling is to approach sports betting as a bettor, not a fan. That way, you can think critically and avoid cognitive biases. For example, to prevent the desirability bias, you can avoid all the events involving your favorite teams and players.
You always need to review your thought processes and look into other pieces of information before arriving at a conclusion.
Never Chase Losses
Losing is part of the sports betting experience and should be treated cautiously. Whenever you suffer setbacks when wagering, it is unwise to keep investing extra money in subsequent bets to recover what you lost. It usually never works, and you suffer even more significant losses.
Calling it a day is the best option if you encounter significant losses. Consequently, focus on things other than losses, let go of emotions, and develop a winning strategy that may help you stay ahead.
Know Your Limits
Sports betting entails winning or losing money, so setting boundaries regarding acceptable losses is crucial. It would be helpful to treat sports betting like investors do stock markets. Pick the days with the best bet markets that will likely give you positive outcomes.
Never Follow the Herd
Herd mentality is a strange psychology behind sports betting, where gamblers tend to look for the most popular bets before deciding what wagers to settle on.
Betting on events that have been hyped in the media or following other people’s opinion can lead to losses. Instead, carry out thorough research on your own to make a more informed bet.
How to Bet on Sports Using Bitcoin
With the knowledge of the psychology behind sports betting and hacks to come out ahead, let's see how you can bet on sports using Bitcoin at 1xBit.
First, visit 1xbit.com and click on the 'Registration' tab. Fill in your details and click on 'REGISTER.'
Log into your account and make BTC payments by tapping the deposit tap and selecting Bitcoin. Afterward, scan the QR code or use the wallet address provided to make the deposit.
On the menu bar, tap the ‘Sports’ menu icon and scroll down the A-Z listing to find your favorite sport.
In this case, we settled on a Live Master's table tennis match between Dennis Oleinikov and Pavel Pavlov. Choose your best bet markets, provide the platform with your stake, and then place your bet by clicking on the ‘Place a Bet’ button. Then, wait for your results.
1xBit is a haven for sports betting. You can leverage the hacks mentioned above to improve your chances of earning winnings from the platform. Moreover, all winnings from 1xBit are paid almost instantly and come with minimal transaction costs.
Register on 1xBit today and start betting on your favorite sports!