Like many games of luck, sports betting has been shrouded in numerous myths. Many of them are based on pure fallacies and despite regular clarification, some still stick out more often as fact instead of fiction. These are some of the most common sports betting myths and the reality behind them:
The More You Play, The More You Win
This myth is based on multiple fallacies and has no substantial evidence backing it. With regards to playing more to eventually win increasingly larger amounts, each individual bet that you make is a completely independent event i.e. it has no effect on what the outcome of the next wager will be.
The probability of wins remains the same, which essentially means that you’re also losing money throughout the process. Technically, you could be losing out on a lot more than what you’ve optimistically imagined, so keep a thorough track of your bets so you don’t blow through your wallet due to poor money management.
The Public is Misinformed or Incorrect
Many sports bettors have a major misconception that the general public is wrong about most games. Back in the day, the sharps may have had some more info than the average person but with the availability of detailed stats from public outlets, the average bettor is smarter than ever. While this isn’t to say that siding against the public isn’t a viable method at times, if the odds look tilted, it doesn’t mean that the books are stacked against them for sure.
Even the best professional sports bettors are only successful 52 to 53 percent of the time.
The due factor is one of the most common sports betting myths and it’s based on the recency bias coming into play. Imagine that you flip a coin 7 times, and each time, it lands on heads. After the 3rd or 4th try, you’d start betting on tails, only because it ended up being heads consecutively and you expect the outcome to be different.
There’s zero connection between past and future events when flipping coins. This concept applies to any team on a losing or winning streak. Unless you have some substantial evidence that dictates that a team may have a change of luck based on fact and data, don’t let the recency bias get to you.
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