(Newswire.net — March 23, 2023) — It is literally naive to think that there is at least one bettor in the world, no matter how professional, experienced, or proficient he is, that is not making mistakes when betting or at least that has not made any mistakes at some point during his betting life. And to be honest, mistakes are not only very common in betting, they often are ‘huge’, causing punters to lose a lot of money either all at once or gradually in the long run.
Even the best sportsbooks and bookmakers, offering online betting in Malaysia, are aware of the fact that bettors often make mistakes and this is largely one way in which they eventually make profits. After all, betting is all about punters trying to beat books by making more accurate predictions and books offering bets, odds, and prices in order to attract punters’ interest.
It should be made clear that mistakes go hand in hand with betting. So, if you have made mistakes – from one little mistake to one or more big mistakes – don’t worry, you can fix them.
The best way to avoid a mistake in betting is to be able to recognize the mistake. And the best way to recognize the mistake is to understand how bettors often form perceptions, make choices, conclude with decisions, and pick bets.
So, let’s see which are the two most common mistakes bettors make and how they shape their decisions.
You might have already heard about something called Gambler’s Fallacy. This, really, is one of the most common mistakes rookies make (and not only rookies!). It has to do with judging what is gonna happen in the future by what has happened up to now, even though there is absolutely no relevance between the two.
Talking bets, it is like considering that because your last couple of wagers have won, you are suddenly on a winning streak and so you should keep on betting so as to leverage the streak.
Or it is like considering that because your previous bets did not win, it is definite now that things are gonna turn upside down and you will win. So, you bet more, feeling confident that the losing streak will end now because it can’t keep on and on.
But the thing is that in both cases described above, there is obviously no relation between what has happened up to now to what will happen in the future. The occurrences are not related to each other and so when your betting decisions have that pinch of Gambler’s fallacy, you will now know how to avoid them.
Second, it is the Confirmation Bias. You might have heard about this mistake as well. It’s too common. Confirmation bias has to do with making decisions and choices in betting, by not gathering and analyzing all the information about a game available out there, but only that information that fits more with your predisposition or with your pre-established perceptions.
Bettors often have some initial thoughts about a game. Let’s say that in a big bout between two of the best UFC fighters coming up, a bettor already supports his favorite fighter and he is ready to place a wager on his victory. And this, despite reports telling that he is not in his best shape and that he has some minor injuries that will most profoundly influence his performance.
On the other hand, there are also reports talking about how motivated he is and how this is going to make him win in the end. Bettors with a confirmation bias will only take into consideration the reports and the info that place the fighter on the top of the bout. And they will ignore any other information that might contradict or not confirm their initial perceptions.
And in this case, if you, as bettors, realize that bias, then you are most likely to fix it and keep yourself from unjustifiably leaning towards one or the other way. Recognizing the confirmation bias is vital for achieving a more distanced and objective analysis of data and information before betting.