Understanding betting bias is the best way to learn how to keep your money safe from your own irrational decisions. There are a lot of factors which can influence the betting decisions such as the mass media or our own emotions. In most cases, the bookies make a lot of money on account of the people who don’t know how to control their bias. Today we are going to discuss about a very important cognitive bias: the empathy gap.Betting Bias: The Empathy Gap Picture
The empathy bias is very easy to understand if you think about it rationally. It is based on the fact that our perception of reality and truth depends on our emotional state. Our decisions are affected by all of our emotions and the stronger the emotions are, the more irrational our decisions will be. It is not uncommon for people to ignore relevant decision making factors in favor of the aspects which drive their emotions. The reason this happens is the fact that the moment we are overwhelmed by our emotions we can’t accept the fact that we will ever feel differently about the reason which caused those emotions in the first place.
The most relevant example of the empathy bias in the betting world is at poker. A player who loses a lot of hands will be overwhelmed by anger and will most likely start playing in an aggressive and risky way. This betting bias is not only affected by negative emotions. For example, a person who wins a lot of money or a lot of hands in a raw will be overwhelmed by joy which will make him feel like he can’t lose, no mater what. Experienced gamblers have a better control of their emotions, especially the positive ones. The negative emotions are a lot harder to ignore.
The term tilting is used in the betting world in order to describe a person who bets in a foolish way due to the fact that he is overwhelmed by his negative emotions. This can happen to a lot of betters, not just the poker players. For example, if a person does a lot of research on some upcoming games yet he fails to accurately predict any of them, he will become very frustrated. Given the fact that the research did not pay off, the frustrated better might place a couple of random bets in order to cool off. It is very hard to fight of the feeling of injustice and challenging the gods of luck is never a wise option. A gambler who bases his winnings on luck will never manage to make money out of this endeavor; even if he makes some money, he will end up loosing a lot more than he won.
As we mentioned above, negative emotions are the most common triggers of this cognitive bias. However, these emotions are not always related to the betting word. For example, if you had a fight with a friend or you had a very hard day at work, your state of mind will affect your betting skills. Beginner betters who do not have a betting strategy or a data analyzing system are the most likely to be affected by this bias. When you don’t work with specific facts, you will be easily influenced by your emotions. Another way in which your state of mind affects your bets is when you are intoxicated with alcohol or other substances.