use your brain - psychology - pic by Jose Luis Navarro creative commons licence

Psychology is much more than just Sigmund Freud and the Stanford Prison Experiment.

Many forget that businesses can use psychology to help design products and create healthy behaviour in the workforce.

However, what’s even more unknown is that psychology can help individuals become better punters, whether they’re betting on online casino platforms or sporting and political events.

With that said, here are three psychology tips to become a better… bettor.

Counter The Availability Heuristic
Coined in 1973 by psychologists Daniel Kahneman and Amos Tversky, the availability heuristic describes the shortcut some individuals take when evaluating a decision or topic.

When making this evaluation, these individuals will rely on immediate examples that come to mind.

An example would be someone refusing to fly because they’ve seen a plane crash in a movie.

They automatically think of that scene, and not that planes are a safe means of transport.

When betting, individuals don’t want to make decisions based on past achievements or stories.

For instance, if an individual is betting on a football team, they should do it based on the current squad, not because they won a trophy ten years ago.

The same goes for political betting.

Individuals shouldn’t jump to conclusions based on past examples.

What matters is what’s said at that moment, so it’s crucial to look at various UK political tips and campaign statements, as well as current odds.

Avoid Confirmation Bias
Confirmation bias is the tendency to interpret information in a way that supports one’s values and beliefs.

To become a better punter, no matter what type of betting an individual is involved in, they must avoid confirmation bias.

In political betting, rather than placing a bet on a candidate you think aligns with your beliefs, explore betting odds, such as the London Mayoral election odds.

This will tell individuals which candidate is leading the pack, even if this person doesn’t necessarily align with their values.

Avoid The Representativeness Heuristic
Like the availability heuristic, Kahneman and Tversky described the representativeness heuristic in the 1970s.

This heuristic was all part of their work on how judgement heuristics can create errors.

It highlights individuals who make decisions by connecting a current situation to the most representative prototype.

We might see this heuristic displayed in betting when people place their money on an athlete merely because they remind them of a former superstar.

They assume that they are just as talented when that might not be true.

It’s the same with betting on political candidates; you might be inclined to place your money on someone because they remind you of a former politician, even if there’s no truth behind it.

The gambling industry in the United Kingdom is as legitimate as the technology industry, with £14.5 billion spent on gambling in Great Britain between the fall of 2017 and 2018.

To succeed in technology, businesspersons have to follow industry trends and learn what to avoid.

The same goes for those wanting to become better punters, and by following these three tips, that might just happen.

(pic by Jose Luis Navarro creative commons licence)

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