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How the Confirmation Bias Can Affect Your Chances of Winning Sports Bets

In order to be good at something you must have knowledge from different fields. If you work with money you need to learn how to apply investment concepts in your work. Furthermore, all jobs have a certain level of human interactions therefore a wise person needs to have some basic psychology notions. In our previous articles we have taught you how to apply investment concepts to the betting work but lets see how psychology can help you be a professional better. Today we are going to discuss about the confirmation bias.

How the Confirmation Bias Can Affect Your Chances of Winning Sports Bets How the Confirmation Bias Can Affect Your Chances of Winning Sports Bets Picture
  • What is the confirmation bias?

This bias applies to all aspects of our life and it refers to the human tendency to protect our own belief system. We tend to be attached to all the information which we interpret in a subjective way. Furthermore, this bias is also affected by our fear of being wrong and how bad decisions can affect the way we are viewed by our acquaintances. The more we process an information, the more convinced we are of its veracity, even if the tools that we use to process that information are very subjective.

  • How the confirmation bias affects our betting skills

In order to understand how the confirmation bias affects a better, you need to consider the passionate supporters. There are certain people who love a teams so much that their passion for that team becomes part of who they are. They never miss a game, they strongly believe in the potential of that team and they include the team in all aspects of their life. They have computer wallpapers with their favorite team, they buy sports t-shirts of their favorite team and so on. Furthermore, these people are also very connected to all of the team’s supporters and they are affected by the bandwagon effect which means that they tend to make the same decisions as the majority around them. When a person is so attached to a team, he can’t help but be subjective. He thinks that the value of certain players is a lot bigger than it actually is and he also thinks that the passion of the supporters can influence the way that the players perform. You can only imagine that such a person would never bet against his favorite team which he will defend until the day he dies. If his team loses, he will try to make all sorts of excuses and he will never admit that the other team was better.

  • Exterior influences

The confirmation bias is not only affected by the attachment to a team but also by exterior factors. We have already mentioned one important exterior factor which is a passionate group of supporters but there are also a lot of other influential exterior factors such as the local, regional or national media which posts about sports events. When there is an upcoming national game, the media tends to add a little drama to the anticipation of the event. They put a lot of emphasis of the glory moments of the national team as well as the stars of that certain sport. You can only imagine that such commentaries and reports will affect the bets of a passionate sports enthusiast. However, if you want to make money out of sports bets, you must learn how to block these exterior factors and base your betting decisions on hard, cold facts. Only by being completely objective can you make a rational decision.

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