5 Scientific Theories Which Can Help You Improve Your Betting
Betting involves making conscious choices informed by data. Punters usually analyze data on teams and players before using their mobile sport betting app to place bets. If you are a betting fan, you should know that the betting firms invest a lot in research on psychology, statistics, and finance. As a result, you also need to enlighten yourself to enhance your chances of winning continually. In this article, you’ll learn about five scientific theories that can help you improve your sports betting.
Theory of Large Numbers
The theory of large numbers proposes that when an event is repeated many times, the average result will be closer to the mean. In the beginning, it won’t be easy to perceive the law of large numbers, but it will make sense over time. This law helps to protect punters from blind trend betting.
Using this law, before placing your bets on a platform like Betway, you must have considered the performance of a team over a long period to determine whether they can win a game or not. Your research and analytical skills will be called into action.
Efficient Market Hypothesis
This theory suggests that market prices include all available information and are regarded as the fair price for a given asset. A smart investor is one who can beat the market in the long run. For instance, if the odds for Chelsea Beating Manchester United are 2.50 and all information has been taken into account, one of their key players gets injured the night before, the odds might drop to 2.30.
As per the theory, many people will want to bet on Manchester United that the prices will drop to 2.30 without trading taking place. Therefore, to succeed as a sports bettor, you must have statistical and analytical skills.
Law of Small Numbers
According to this theory, people tend to think that a small number of observations are representative. This law applies to the tipsters in the sports betting scenario. For instance, you can follow a tipster on social media because they have displayed three out four winning bets and a detailed argument. Such tipsters usually attract a large number of followers as they expect the magic to continue.
However, in a short while, the tipster is under pressure to win when he stops winning. Therefore, this theory will help you when choosing a tipster to follow. They should have a large enough number of wins to convince you that their strategy is working.
Green Lumber Fallacy
This is the bias of individuals to incorrectly believe that they have valuable information. According to the theory, just because you watch many rugby matches does not make you an expert in betting in rugby. It would help if you had more than knowledge on the sport to succeed in sports betting. As mentioned earlier, you should sharpen your research and analytical skills.
Familiarity Bias
According to behavioral finance, people tend to hold stocks they are familiar with. In sports betting terms, the theory suggests that punters on online betting platforms like Betway usually bet on the teams they support or are familiar with. Such bets are made without any objective analysis and are mainly based on being familiar with the squad or coach. To be a better sports gambler, avoid placing bets on teams you support.
