Betting
The Psychology of the Bet: Why We Gamble
Gambling has been around for millennia in one form or another. But why do we gamble, and what are looking for when you spin the slot reels, throw the craps dice, or bet on the horses?
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The Thrill of Taking Risks
Nothing beats the adrenaline rush of taking risks, even for casual punters. But taking risks is human nature. Sometimes referred to as “boldness”, it’s the inherent trait in humans that they can only get ahead by taking calculated risks.
For more serious gamblers, the risk-taking trumps any financial reward. It doesn’t matter whether you win or lose, it’s the thrill of placing bets that counts.
The Gambler’s Fallacy
It’s important to know the role of the gambler’s fallacy when understanding why people bet. The gambler’s fallacy is the belief that there are hidden patterns in otherwise random outcomes.
For example, a gambler may bet heavily on black after seeing 20 red numbers appear. They ignore the random nature of each spin but insist that the color must change at some point.
Gamblers want to beat the natural randomness of outcomes in a game. They are swayed by recent results and bias when choosing something to bet on.
The Promise of Financial Rewards
The shortcut to financial riches is one of the biggest reasons gamblers place bets. Like buying a lottery ticket or spinning a slot reel, they see gambling as a quick way to beat the system with minimal input. Why work for a month when you can play roulette or put a bet on the horses and make a month’s wages in 30 minutes?
How many of us have read racing tips or checked the latest stocks and shares advice? We absorb free advice with only the end goal in sight without working out whether the tips are sound.
The same is true with gambling. We assume that luck (or luck plus a little research and a basic understanding of odds) is enough to win us the jackpot without putting in the hard graft.
The Normalization of Gambling
Apart from pockets of regulated spaces like Las Vegas and Macau, gambling was for decades outlawed in many parts of the world. Even in once-restricted regions, legalized gambling is on the rise.
Governments eyeing up tax revenues have relaxed gambling laws in many countries. Plus, the accessibility to cheap smartphones and apps has made it easier than ever to gamble on the move. iPhones and Samsung tablets are fully-stocked mobile betting apps right there in your pocket.
No longer are casinos and sportsbooks hard-to-reach places with strict membership rules. You can open an account online in minutes, provided you are over-age and have the right documents.
The Blurring of Video Games & Gaming
More than ever, betting online or playing casino games is seen as a pastime that has a double action: you are entertained, and there’s a chance of a financial reward at the end.
Mobile casino apps are marketed much in the same way as fun-play apps like Candy Crush. You win gems or stars that you can trade in for power-ups like new skins and fewer ads. Though you don’t claim hard cash, the mentality is the same: the more you play, the more you can win.
The “freemium” model is being offered at online casinos too. You can play for low stakes but can claim free spins at the same time. The same is true at a sportsbook: sign up and make a deposit to earn free bets on your choice of markets.
It’s a small psychological win over the sportsbook: you have entrusted the company with your business and they have rewarded you with a small giveaway. The “something for nothing” feeling is always there when you gamble online at casinos or sportsbooks.
Jon is an experienced journalist and editor working in the gambling industry for over 17 years. He started life as a football betting blogger before being bitten by the online poker bug, eventually becoming editor of some of the largest gambling and poker publications around, including Gambling Magazine and WPT (World Poker Tour) Poker Magazine.
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