In order to be a professional better you need to have a good sports intuition but you also need to have an understanding of the human psychology. A good sports gambler must have analytical thinking and a good left brain analysis. However, it is very hard to control your mind at all times and there are certain subconscious factors which can affect your judgment and drive you to do bad bets. One of these factors is the bandwagon effect.How the Bandwagon Effect Can Influence Your Bets Picture
The bandwagon is a bias based on group thinking. It usually appears when a group of people receive a piece of news. For example when a new revolutionary product hits the market, all investments channel their efforts into that new product and they create an imbalance in the economy. A group think decision is usually taken by the right side of the brain which is a lot more subjective and easy to influence. On the other hand, the decision which we take with the left side of the brain are more rational as they are based on hard facts. The bandwagon is a psychological bias which can also appear in the betting world. It usually works against the betters and in favor of the bookies.
the bandwagon bias usually occurs due to the fact that people are afraid of being wrong. Even if their reason tells them that they know the right decision, when they are confronted with a majority of people who have a different opinion, they tend to choose the wrong decision. If we think about it, this bias has a certain logic as it is somehow based on odds. This means that when a person is uninformed or poorly informed about a choice he has to make, that person will base his decisions on the reasoning of a majority of people.
In order to understand the bandwagon bias we will present you with an example: a beginner better who wants to increase his chances of winning a bet will try to do an extensive research on an upcoming game. This research will include a team’s shape, assets, previous performance and so on. When he will finally decide who he thinks the winner of a game is going to be, he goes on an online betting websites and realize that his odds do not match the odds of the bookie and there is a lot of people who is willing to bet against him. In this situation, the beginner better will no longer trust his own judgment and he will conclude that if so many people are willing to bet against him, then they must have better reasoning than him. On the other hand, a professional better will keep his cool and he will make a bet based on hard facst and his own thorough research and analysis.