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Betting on the outcome of a sporting event can enhance the enjoyment of a game. While many fans would find it implausible to bet against their own team, doing so can offer a form of arbitrage to help protect against the heartache of loss. And, if value lies in betting on the opposition, it is the most sensible bet. Despite that, most diehard fans bet on their own team, even when a victor seems highly implausible.
Sports Betting Options
Most sports feature dozens of games a week in each league, and there are multiple bet types available for each game. What’s more, modern sportsbooks offer advanced features like instant withdrawals and a wider range of payment options, according to Richard Presley, PokerScout’s resident sports expert. This range of bets gives sports fans many ways to bet on, or even against, their team.
Familiarity
One of the most common reasons to bet on your own team is familiarity. Most sports fans keep abreast of their own team and players. They know when players are injured. They know the history between clubs and whether their team prefers to play on a Tuesday night or a Saturday afternoon, and whether they’re better at home or on the road. This knowledge can help fans gain an advantage over the bookmaker, enhancing their chances of placing winning bets.
Emotional Bias
Many of us see our favorite teams in a very optimistic light. We look past their obvious weaknesses and towards their strengths. We ignore the leaky defense and concentrate on the blistering offense. Doing so makes supporting the team, even when they lose, more bearable. But, it also means we bet with our hearts rather than our heads, and this can lead to placing bets that are obviously not going to win.
Impulse
Sports fans are extremely emotional. We’re elated when our teams win, and studies suggest fans can go through genuine grief when their teams lose. This attachment makes it almost impossible for diehard fans to bet against their team. It would feel like treachery and make some fans feel like they are betraying their team.
Excitement
Sports fandom can be tribal, and the reason that sport is more enjoyable live is because we get swept up by the emotions of the crowd. This is also true when placing bets. Sport is exciting. Betting is exciting. This combination is a heady concoction that can lead to fans ignoring obvious facts and placing unlikely bets.
The Impact Of Fan Betting
Bookmakers use massive amounts of data and statistics to create odds for games, but they also react to the market. If a lot of bets are placed on one team, bookmakers shorten the odds. This means that if our favorite team is a favorite with other fans, we are already likely to be getting poor value bets. It also means that the shortest odds do not necessarily represent the worst-value bets.