Do sports bettors understand probability and take risks?

Abstract

Event Abstract Back to Event Do sports bettors understand probability and take risks? Rachael S. Loo1*, Alison Bowling1 and Leigh Grant1 1 Department of Psychological Science, School of Health and Human Sciences, Southern Cross University, Australia Aim: Given the increased availability of online sports betting, it is important to understand the factors which may lead to problematic gambling. The current study aims to explore two of these factors: understanding of probability, and risk-taking in the placement of multi-bets in sports betting. Method: An online survey was administered to University staff, students, and members of the wider community (N= 159; 69 non-sports bettors, 76 recreational sports bettors, 14 regular sports bettors). Participants were asked to predict the winner of eight matches from a round of an Australian Rugby League competition by placing either a single or multi-bet. They then completed a probability discounting task (measure of risk-taking) and items related to understanding joint probability (conjunction fallacy). Results: A Pearson’s chi-square test of association indicated that recreational sports bettors placed a significantly greater number of multi-bets than non- and regular sports bettors. A One-way ANOVA revealed no effect of gambling category on levels of probability discounting. Lastly, a Hierarchical Multiple Regression showed that conjunction fallacy score was not a significant predictor of the number of multi-bets placed, whereas probability discounting was a significant predictor of the number of multi-bets placed, t(156) = 2.29, p = .02, sr2 = .03. Conclusions: Contrary to our hypothesis, conjunction fallacy score did not relate to the number of multi-bets placed. Individuals who scored higher in probability discounting and were therefore higher risk-takers, were more likely to place a greater number of multi-bets than those who were risk-averse. Thus, these findings suggest that the number of multi-bets placed is more related to risk-taking behaviour than the understanding of probability. However, the unequal sample size in the gambling category makes it difficult to draw firm conclusions. Keywords: Probability discounting, Conjunction fallacy, Cognitive bias and heuristics, Sports betting, multi-bets Conference: 15th Annual Psychology Honours Research Conference , Coffs Harbour, Australia, 4 Oct - 5 Oct, 2018. Presentation Type: Research Topic: Abstract for 15th Annual Psychology Honours Research Conference Citation: Loo RS, Bowling A and Grant L (2019). Do sports bettors understand probability and take risks?. Front. Psychol. Conference Abstract: 15th Annual Psychology Honours Research Conference . doi: 10.3389/conf.fpsyg.2018.74.00033 Copyright: The abstracts in this collection have not been subject to any Frontiers peer review or checks, and are not endorsed by Frontiers. They are made available through the Frontiers publishing platform as a service to conference organizers and presenters. The copyright in the individual abstracts is owned by the author of each abstract or his/her employer unless otherwise stated. Each abstract, as well as the collection of abstracts, are published under a Creative Commons CC-BY 4.0 (attribution) licence (https://creativecommons.org/licenses/by/4.0/) and may thus be reproduced, translated, adapted and be the subject of derivative works provided the authors and Frontiers are attributed. For Frontiers’ terms and conditions please see https://www.frontiersin.org/legal/terms-and-conditions. Received: 14 Sep 2018; Published Online: 27 Sep 2019. * Correspondence: Ms. Rachael S Loo, Department of Psychological Science, School of Health and Human Sciences, Southern Cross University, Coffs Harbour, Australia, r.loo.21@student.scu.edu.au Login Required This action requires you to be registered with Frontiers and logged in. To register or login click here. Abstract Info Abstract The Authors in Frontiers Rachael S Loo Alison Bowling Leigh Grant Google Rachael S Loo Alison Bowling Leigh Grant Google Scholar Rachael S Loo Alison Bowling Leigh Grant PubMed Rachael S Loo Alison Bowling Leigh Grant Related Article in Frontiers Google Scholar PubMed Abstract Close Back to top Javascript is disabled. Please enable Javascript in your browser settings in order to see all the content on this page.