Avoiding Confirmation Bias in Sports Betting

The following post explores avoiding confirmation bias in sports betting.

Falling prey to confirmation bias is a costly mistake made by many sports bettors. By taking time to understand what confirmation bias is, you’re better equipped to avoid it.

Read: Pitfalls of Buying Sports Betting Picks

Related: Flat Betting For Wagering Success

Confirmation bias is a common issue for sports bettors. Whether knowingly or unknowingly, many sports bettors fall prey to this trap. The good news is, it’s avoidable. Here’s what you need to know.

Overview

Confirmation bias is when a sports bettor selectively favors information that supports an existing belief or opinions while ignoring or downplaying contradictory evidence.

Pictured: Screenshot of Wikipedia’s definition of confirmation bias

Example

Imagine the Vegas Golden Knights are hosting the LA Kings. You’ve won 5 straight bets on VGK and feel they can’t lose. Since you’re emotionally invested in VGK, you may disregard info suggesting the Kings are a live dog.

Being emotionally attached to the Golden Knights is a potential example of confirmation bias. Your desire to ride the momentum of winning may lead to selectively focusing on information that supports your belief in VGK’s success.

Learning Lessons

Awareness is the first step to overcoming confirmation bias. Recognize your susceptibility to confirmation bias and actively seek out information that challenges your initial opinions.

In Conclusion

The key takeaway here is to avoid falling in love any particular team or bet. It’s risky business. Remember to be objective in your research and don’t succumb to your emotional impulses.