Sports betting is one of the most popular leisure activities in the world. Whether it’s soccer, American Football, Hockey, Golf, Motor Racing, Basketball or more, there are lots of markets available for bettors of all skill levels and experience. That means there’s a bet out there to suit everyone.
In recent years, online betting has seen a worldwide boom, but especially in the United States, where the number of online sports bettors is expected to rise from around 25 million in 2022 to approximately 37 million by 2025.
This surge in popularity is not limited to the US either, with the market size of the global online gambling industry hitting 63.53 billion U.S. dollars in 2022. Forecasts for 2032, estimate that figure to reach over 184 billion U.S. dollars.
Why people engage in sports betting
In order to understand the psychology behind sports betting, it’s important to understand the factors that encourage them to do it. They include:
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- Increases excitement, interest and engagement with the game
- The thrill of taking risks
- Allows gamblers to use their betting skill and knowledge
- Social aspect activity done with friends
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- Too compete with friends or colleagues
- The chance to win some money
Risks
The excitement of taking risks is a key factor in betting. If no risks are involved and no potential financial loss is possible, then betting loses all of its excitement and fun. Sport is thrilling and unpredictable and that is what makes it so exciting. Sporting unpredictability inevitably makes betting risky, but that where the excitement lies for many bettors, just as knowing the ending of every TV show, movie or book, would remove all their excitement and fun.
Knowledge and Skill
Sports fans have a higher psychological tendency to take part in sports betting, because they have a better understanding of the sports they are betting on. This knowledge means they are usually abreast of the latest sports news and keep track of player injuries, team form, scandals, suspensions, etc. That knowledge allows them to be better at predicting the result. One look at the latest Masters odds demonstrates how difficult picking a winner in this notoriously difficult tournament can be. That’s where sporting knowledge can help bettors fine tune their choices when it comes to picking a winner.
The other psychological factor at play here is a desire by bettors to prove they are more knowledgeable and skilled at picking winners than anyone else. Knowing your sport allows you to make more informed betting decisions. If those decisions are proved correct, then it enables the bettor to feel good about themselves. Not solely because they have won some money, but because they have been proven right and their superior knowledge and skills have triumphed.
Money
The psychology of winning does not need any explaining. Winning money is a hugely motivating factor for many people, just as earning money is a motivating factor that gets us out of bed and into work in the morning. Sports betting however, offers the potential to earn rewards several times the amount that bettor’s wager, making the joy of winning even more rewarding and enjoyable. Not surprisingly, winning money feels great. It produces positive emotions and is shown to cause a chemical release of feel-good hormones in the body.
Skin in the Game
Skin in the game is a well-known phrase, and one that has played a huge part in the booming online sports market. Watching sports is an exciting way to spend your leisure time, and there’s no better way to up that excitement than placing a bet on whatever sporting event you’re watching. However, having money on the line – or skin in the game – can add an extra level of excitement, and turn any sporting event into a more thrilling, edge of the seat experience.
Having skin in the game can also turn a routine match into something far more enthralling. And with so many bet options available including point spreads, rushing yards, interceptions, passing yards, and more, it doesn’t all have to be about the result either.
Social competition
Sports fans love competition. The same can be said of sports bettors too. Many people enjoy the challenge and competition of betting on a game or sporting event. It not only provides a great excuse to meet up and socialise with friends and family, but it adds some rivalry and healthy competition too.
Despite all the many psychological factors listed above, perhaps the biggest factor in the growing participation in sports betting is the fun factor. With the continuing relaxation of gaming in the US, the culture of sports betting is increasingly seen as a fun way to spend your leisure time.
