Don’t worry, Bucs fans; nothing specific about being a fan of the Buccaneers puts you at a disadvantage in the gambling markets compared to fans of other NFL teams. Regardless of the team we support, there will be some element of cognitive bias. However, many of us who place a bet will have intimate knowledge of how a team works, which can help and hinder us on several levels.
Cognitive bias relates to the heart ruling the head, but often with teams we support, we understand the strengths and weaknesses within the team and how they can perform against other clubs.
What Is Cognitive Bias?
Cognitive bias simply means your judgment is blurred when you place a bet. As a Bucs fan, your decision might be clouded because of your love for your team. An example of cognitive bias in casino gaming, for instance, might be believing the number 22 is going to come in because it’s your birthday when the truth is, it has no more of a chance of coming in than any other number. Likewise, if you’re allowing your passion for your team to disregard form or the quality of the other team, this is cognitive bias actively working against you.
Betting Psychology
Sports betting is one area with a heightened focus on cognitive bias. People are more emotive when supporting their favorite teams. It’s a natural human instinct and hard-wired into sports fans worldwide. English sports fans are the same with their soccer teams, and countries will back their famous athletes’ teams because of love for the individual. Bettors who enjoy casino gaming may also consciously or subconsciously allow cognitive bias into their strategy. Still, it can be far less effective in a casino game that boils down to luck.
If you play casino games like roulette, it is a set of figures and probability that dictates payout. The same applies to blackjack and slot machine gaming too. While this operates on a scale, depending on the type of bets you place, they all rely heavily on chance. There’s no data or statistics to crunch like if you’re betting on the Tampa Bay Buccaneers; roulette and slot machines are games of luck, with zero technique or skill required. Live casino games like poker can give you slightly more of an edge, but if you operate with cognitive bias and neglect strategy and thought processes, you may as well be playing a slot machine game. Cognitive bias can help you in some aspects of sports gaming, but it can hinder you in live casino gaming, so it’s essential to factor that in and not let it influence your decision too much.
So The Bucs Won’t Win The Super Bowl Again?
We’re not saying cognitive bias doesn’t always help; it just impacts your judgment. For example, if you thought the Bucs were going to win the Super Bowl in 2021 but then second-guessed yourself and thought that your fandom was getting in the way. But then you went and researched the team and came to the same rational conclusion. This is cognitive bias impacting your decision, but not detrimentally.
If you went away, brought up some statistics, and weighed up that even though the incredible ability of Patrick Mahomes could have switched the game on its head, the Bucs had enough on paper to get it over the line, this would be an effective way of breaking down the data.
We aren’t saying this will work every time. Cognitive bias can help you find value in a bet if you believe your team is undervalued in the market, and you can find good odds for them. As a fan, you will understand the team better than most, even some analysts. Although sports betting markets are much tighter and rarely give much away, there can still be value if you know what you’re looking for.
Final Thoughts – Good Or Bad?
Like anything in gambling, cognitive bias can work for or against you. You must ensure that it doesn’t influence your entire strategy. Use your knowledge of your team to come to a better-informed decision, but also realize that just because you follow the team doesn’t mean that you know the guaranteed outcome of a game or competition.
The Bucs are ranked outsiders for next year’s Super Bowl, and while it’s improbable the team will recapture that 2021 form without the magic of Tom Brady, cognitive bias could begin to creep in. Sports betting is an impossible road to navigate successfully, and understanding that cognitive bias plays little to no role in any successful bet is crucial. In the same way, data and statistics are completely wiped out by one or two lucky moments in any sport, the same applies to cognitive bias. But as long you can identify when your mindset is straying into that realm, you can manage it effectively.
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