Why do we bet?
What makes us back a football team, a golfer, or a horseracing bet…
Having been in this industry for 30 years, it’s a question that has often been asked of me – both in a work environment as well as in social situations.
“People bet to win money, right?” is the common perception.
And fundamentally, and certainly as far as I’m concerned, that would be the main driver for the business I operate and the services I offer like Irish Cash Consortium, Golf Insider, Scottish Football Income Booster.
The clue’s kind of in the name with a couple of them!
But for some people there’s clearly more to wagering than improving their lot in life. Winning extra tax-free cash is great (you can never have too much!) however, when we dig deeper, and try to understand betting in a more cerebral way, there are quite possibly other forces at work. And sometimes forces, or impulses, that we’re not necessarily aware of, consciously.
Reading around this subject I happened across an article on the web that tried to list the reasons behind our desire to bet (and you can read the article in full on the Healthy Place website here)
It’s a thought provoking piece, and one I wanted to share with you.
The title of the article is “Psychology of Gambling: Why Do People Gamble?” and it aims to address the issue with reference to the Illinois Institute for Addiction Recovery – so there’s some case study material behind these conclusions.
Here are the main bones of the blogpost…
Ok, so we all understand that gambling offers you the chance of winning money or prizes, but have you considered some of the other reasons for gambling? A look into the psychology of gambling offers insight into that question.
Risk Taking
One of the reasons for gambling is that it’s human nature to feel excited when taking risks and the positive feeling gained from gambling is no different. “Will my numbers come up?” “Will my team win?” The sense of anticipation creates a natural high, an adrenalin rush, a feeling that very many of us seek when looking for fun and entertainment. A feeling that some people believe they cannot live without.
Escapism
The gambling environment can provide an escape from everyday life. Whether it be the glitzy casino environment, a loud and exciting amusement arcade or even an online betting company, for the time that we are taking part we can be surrounded by different people, different sounds and emotions, all of which stimulate and arouse our senses.
Glamorous
The media and advertising agencies understand the psychology of gambling and often portray a stylish, sexy, fashionable image of gambling. In film and TV, we see characters enjoying a night at the casino or an afternoon at the races. There is often a suggestion of ‘high society’ and attending at ‘a place to be seen’.
Social
Gambling is accepted as part of this country’s culture and as such is widely participated in (with varying frequency) by the majority of the population. Some young people are introduced to gambling by learning to play card games with their parents at home, maybe we go the bingo with friends on a Friday night or meet after school at the amusement arcade.
A Common Misperception
The above reasons for gambling all tie into this: most people think about gambling as a low-risk, high-yield proposition. In reality, it’s the opposite: a high-risk, low-yield situation. The odds always favour the house. Despite that, the thought and excitement of hitting a casino jackpot are often too alluring – regardless of its probability.
So as you can see, there are several reasons behind our desire to bet – whether we knew it or not.
And whilst some of these might resonate with you, and fit your own personal profile, there might also be those which you’re either not aware of… or now think, yes, that might be me!
What I would say is that I’m always at pains to stress betting isn’t a get-rich-quick-scheme, nor is it a way to buy money with risk-free investments.
If only that were the case!!
The fact of the matter is that betting, and betting when put on a professional footing, is something which must try to eliminate the glamorous/escapist/risk-taking allure of placing a wager… and concentrate more on the steady accumulation of profit.
Not to say there isn’t enjoyment to be had along the way, and nobody likes to back a winner more than me. But these are all secondary issues to the matter in hand, namely winning.
The important thing is that win or lose… betting for enjoyment, escapism, or wanting to earn an extra side income… we keep our stakes to sensible levels, and maintain a patient and disciplined approach.
That’s not so much why we bet… more how we should bet when we do!
OPINION: When you think about it, at one time or another, we probably all bet for one/all of the above reasons, but just to greater or lesser degrees. And while not every bet is a complete combination of these drivers, at some point we will have had a bet out of boredom, or the need to find a winner, or due to the social environment we find ourselves in. And that’s all understood, but I’d still wager the prime mover is still to win money… because that remains the one constant upside that we can all agree on!
