Gamblers More Likely to Loose with Last Minutes Online Bets
New research conducted in Milan has discovered that last-minute online odds make it less likely for gamblers to win due to an overload of information. It means that those who place spontaneous bets often do so without properly considering the odds and different variables, which usually means they’ll place a bad bet.A team of researchers from the Universita Bocconi studied over a million bets made on Serie A football games in Italy. They looked at the winning probability of bets placed across two seasons of the football league. The bets were made by a total of 7,093 gamblers.
The gamblers who placed their bets early increased their chances of winning whereas those who bet at the last minute performed significantly worse. They found that as a football match approached gamblers were presented with a huge amount of statistics and had to analyse odds on players, team rankings, recent results and more which ultimately led to them making more mistakes.
The researchers said, “On the one hand, waiting for a last-minute decision may allow them to improve their information set. On the other hand, if they cannot efficiently process all inputs accruing in proximity to the event, information overload may be detrimental.”