In every betting game, both money and the mental state of the player are the main factors in determining a sure win. The money is your capital while the mental state conditions your gameplay. If a problem exists in either of these two, your gameplay will be greatly affected negatively. But between the two, having a not-so-good mindset imposes greater damage on the player not only to his finances but also to his betting style and relationship with himself and other people.
The Error in Human’s Belief System about Betting
The erroneous belief about control, luck, prediction, and chance are the usual causes of excessive betting. Bettors typically think that they can predict their wins even if the outcome is completely random and is sometimes against the odds. According to the psychology of betting, there are 5 mental factors that urge bettors to keep on playing despite their losses and this applies to all games.
- The availability heuristic also called availability bias prompts bettors to swiftly make decisions based on the similarity of the current trend to the past events. In this way, they have unknowingly tricked their minds into believing that they can win another game. So, they bet out of their overestimation on their winning probability.
- Gambler’s fallacy happens when a bettor believes that the present random occurrence of winning and losing is affected by past similar events. Hence, they continue to hope until they win even though this hope is completely false.
- The illusion of control refers to the feeling of being “favored by fate” after several straight wins. Hence, it led them to think that they were chosen to win.
- Loss aversion refers to chasing losses in general since the bettors have set their minds on winning rather than monitoring their great losses over little wins.
- Partial reinforcement is prompted by the thought that the winning chance of a bettor lies between 0 to 100%. Hence, they will bet until they win.
Having the basic knowledge and understanding of probability and gaming mechanics is the only way to counteract these erroneous beliefs.
How to Win Big in Lotto using Budgeted Capital
According to avid lottery players, there is no perfect tactic to win big lotteries. The only thing you need to do is use the following tips to ensure your winnings:
- Study the previous results of your favorite lottery game and do your calculations to predict the next combinations. If you find this painstaking, using the prediction application of 188loto will do the trick.
- Budget first your pocket money and do not spend beyond it. Only bet on the numbers that you have calculated to minimize unnecessary expenditures.
- Leave your credit cards at home to avoid being enticed by the unwon prizes. In this way, it helps you strategize your next betting to increase your chance of winning.
- Select lotteries with better odds and prizes. They are usually the games that are not well played by the masses.
- Set a betting limit for your favorite lottery.