Question: Why do bettors overestimate the chances of favorites winning?
The favorite-longshot bias is a well-documented trend in sports betting, where bettors tend to place too much money on underdogs while not…
Question: What algorithms do bookmakers use to set odds?
Bookmakers rely on sophisticated algorithms and risk management strategies to set odds, ensuring profitability while balancing exposure. They…
Question: Is it true that betting on the favorite always leads to losses?
The favorite-longshot bias in sports betting, where bettors overbet longshots and underbet favorites, has been widely examined across various…
Question: What biases lead bettors to overvalue recent performance?
Research indicates that cognitive biases significantly influence bettors in sports gambling markets, leading to suboptimal decision-making and…