10 'Big Think' Videos To Improve Your Betting
Successful betting comes from applying fundamentals with a little bit of outside the box thinking. Today on the blog Andrew shares 10 Big Think clips, to help you reflect upon on how you approach your betting.
How To Call Off The Emotional Attack Dogs
Learning to control our emotions is something that everyone who bets on sports has to work through. If we don't, it can lead to poor discipline, impulsive actions and ultimately it can ruin any chance of being a long term profitable bettor.
In this video psychologist Paul Ekman tells us how we can one, have more choice about what we become emotional about and two, how we can improve our awareness of emotional action. And as Ekman says, like so much that is the foundation of successful betting, "it doesn't stick unless your practise it."
Thinking Rationally via Bayes' Rule
Two crucial aspects of successful betting are one, being able to interpret new information about the sports, leagues and teams we are betting on, and two, being open to new betting theories, strategies and philosophies that may conflict will theories and strategies we have long held and implemented. Are there alternative or perhaps better interpretations of what we have observed?
In this video Julia Galef from the Center for Applied Rationality talks about how the general principles of Bayes' Rule can be used to understand and integrate new information and experiences of the world.
Why We Make Bad Decisions About Money
There are many elements that we enjoy about betting. The problem solving. The analysis. The satisfaction when results go our way . But in the end, it all comes down to money. Ultimately, that's why we are doing it.
In this video, Daniel Kahneman, author of the great book Thinking, Fast And Slow talks about the common errors people make when considering their finances. Like with our betting, a long term broader view is best applied rather than what Kahneman refers to as "narrow framing."
Betting is all about making decisions, acting on an opinion. But are we as open as we think, or indeed as open as we need to be, to information that may sway our opinion?
In this video filmmaker Errol Morris (eventually) talks about Confirmation Bias and how our theories and opinions often shape the type of information we take on board and the type of information we choose to ignore.
Making Money Less Abstract
Once again, betting is at the end of the day, all about money. But in the modern internet betting age, where our money is merely an abstract figure on a screen and where handing over actual cash to a bookmaker is (mostly) a thing of the past, the temptation for impulsive behaviour is arguably now even greater.
In this video Professor of Behavioral Economics Dan Ariely talks about how we can think more clearly about the true value of money.
Look At A Problem As An Outsider
As before, it's important to be able to integrate new ideas and take on alternative approaches with our betting. A particular strategy or angle that has been profitable in the past, may no longer work. We put a lot of work into finding that angle and sometimes it's hard to let go.
In this video Julia Galef talks about a cognitive bias called the "commitment effect" and how looking at a particular problem as if you were an "outsider" can help us overcome this and other cognitive biases.
You Are So Predictable
At the centre of successful betting, is being able to consistently predict the results of sports events. But while you may be able to do this, the ability for bookmakers to restrict your betting presents an additional challenge.
In this video Eric Siegel talks about how organisations are now spending big dollars to predict your activity and behaviour. Are bookmakers now more concerned with accurately predicting your betting patterns than sporting events?
Becoming a profitable long term sports bettor is not an easy task. Like anything you want to succeed at, it takes hard work, long hours and great persistence.
In this video Robert Greene talks about how we can achieve "mastery" of a pursuit, the discipline it requires, the dedication of time and the focus. Unfortunately, there's no easy way about it.
Your Ego And The Cosmos
And finally, some days the results just don't bounce your way. But it's always important to look at your betting in the context of the big picture. And also the big big picture. So here's Neil deGrasse Tyson to put everything into perspective for you........