Are Sports Bettors Biased toward Longshots, Favorites, or Both? A Literature Review

A large body of literature on the favorite–longshot bias finds that sports bettors in a variety markets appear to have irrational biases toward either longshots (which offer small chance winning amount money) or favorites high money). While early studies horse racing led an impression longshot is dominant, favorite has also now been found betting markets. This review proposes evidence consistent with both being present average bettor. Sports only two potential outcomes, where therefore probability >0.5 happening, often produce bias. multiple favorite’s usually <0.5, more The presence restricted odds ranges within any given market provides explanation for why single support, at most, one highlights how individual might possess highly likely, and unlikely, events, contradictory view not summarized detail before.