The Psychology of Betting: Why People Make Certain Bets

 Sports betting psychology is not something that gets a lot of attention, which is surprising given the rapid expansion of sports betting in the last few years.  

Understanding why people make the bets that they do is an important aspect of getting to the bottom of your own betting style, and in understanding why people sometimes become problem gamblers.  

Psychology in Betting  

Given the fact that gambling can be addictive, and that it is extremely hard for any sports bettor to make a long-term profit, it is no surprise to know that psychology is central to sports betting. Emotions and instincts drive so much of what we do and that is no different in sports betting, whether you are an experienced or inexperienced sports bettor. Even the tiny number of successful professional sports bettors struggle sometimes with the inevitable losing runs that betting brings.  

The Chasing Bet  

'Never chase your losses' is a well-known betting phrase, but harder to remember when you're in the middle of a losing run. Bettors are particularly vulnerable to this type of bet if they feel that they have failed. Ending the day or the afternoon having made a loss may feel like a failure, even though it may not be, and this sometimes leads to bettors having bigger bets on ill-advised selections to wipe out their losses. Even if these chasing bets win, it is a bad habit to get into and can be extremely costly.  

The Casual Bet  

The casual bettor is someone who has perhaps a small stake on a football match or a horse race, perhaps once a twice a week or more frequently. Sometimes these bets are on events that the bettor will be attending or watching on television, and sometimes they are just because something caught the bettor's...