Sports gambling is more popular than ever, but betters may be fooling themselves about their chances of turning a profit.
CHARLOTTE, N.C. β Betting on sports is more popular than ever, but a new study found that many gamblers may be fooling themselves about their chances of winning.Β
New data from Stanford University shows that sports bettors are more optimistic than they should be. Let’s connect the dots.Β
Researchers found that gamblers expect to break even or even make money despite losing consistently. On average, bettors believe they’ll make 0.3 cents per dollar wagered. In reality, they lose 7.5 cents per dollar.Β
RELATED: North Carolina sets sports betting record in October, total wagered eclipses $600 million
Researchers tracked 444 frequent sports bettors over two months. Most placed 17 bets a week, and some wagered over $1,000 weekly. Each gambler regularly overestimated their future winnings, even when they accurately recalled their past losses.Β
Parlay bettors β those who place riskier, multi-outcome bets β were especially overconfident. They were 18 cents per dollar more optimistic than gamblers who placed single bets.Β
While sportsbooks display odds and winnings upfront, experts say it’s not enough to curb the problem. That’s because even when bettors see their past losses, they still believe they’ll win the next time.Β
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