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Gambling is often seen as a means of making money; well, that is not wrong in any way. However, to punters, it is beyond that; passion, entertainment, and enthusiasm are a huge part. To clarify, punters see it as a way of making money by doing something they love.
A huge percentage of sports gamblers stake in their favorite sports because that is the sport they are passionate and confident about. The emergence of the internet and the advancement in technology fueled gambling because punters can now bet from their comfort zone. Also, statistics and match history that will guide their decision-making are readily available online. Like most things in life, gambling/ online betting has risks and rewards. Therefore, understanding the psychology of online betting as a professional or newbie is essential.
Psychological Factors that Drive Online Betting
Below are a few psychological factors that drive online betting in South Africa.
Passion Economy
This simply means making money while doing something that you love. It is common nowadays as people continuously seek livelihood outside of traditional employment. Some people do this by starting a small business, freelancing, selling services online, and betting online. It is rare for gamblers to bet on sports they have no passion or zero knowledge about.
Many punters will wager on their favorite player to score or their favorite athlete/team to emerge as a tournament winner. Just imagine your favorite team/athlete winning and you making money simultaneously. You can bant the rival team and enjoy the money you made from it.
Fear of Missing out
Another psychological factor is the fear of missing out on winning a huge amount of money. Lots of punters now post their winnings on social media. Some even become social media influencers by posting their winnings, and people will want to make money from it. It is not easy to see people making their annual income from wagering on a sport you know about. You would want to try it out so that you won’t miss out on the opportunity to make extra or even more money.
Release of Dopamine
The release of dopamine in this context is closely related to the thrill of anticipation that comes with betting. Dopamine is a chemical released by the brain to make you feel good. As punters anticipate the outcome of their predictions, their brain tends to release dopamine, intensifying their eagerness. This feeling can be addictive, and some punters might not know it yet, but this can be a factor driving them to participate in online betting.
Risks of Online Betting
Below are some risks of online betting that punters might encounter.
Financial loss
Punters should always bet wisely and research before wagering on any match. Additionally, betting on a game you have little to zero knowledge of has a higher probability of losing money. Most importantly, punters should only bet with the amount they know they can lose and won’t hurt them.
Addiction
As mentioned above, the release of dopamine punters get from the thrilling anticipation of the outcome of their bets can be addictive. Addiction is one of the risks punters should try to avoid. You should be able to control when and when not to wager on your favorite or any other sport.
Rewards of Online Betting
The rewards here can be categorized into financial and non-financial rewards. Below are some rewards of online betting that punters might encounter.
Financial rewards
The financial rewards punters derived can be further categorized into two. This most direct financial reward is the potential win from betting. The second financial reward is usually informed of promotions and incentives offered by bookies.
Non-Financial rewards
The non-financial rewards are much more than the financial rewards. However, we often focus more on the financial rewards. Some non-financial rewards include socializing with friends when discussing the games to wager on, gaining more knowledge of your favorite sport, and learning new sports and strategies.
Conclusion
The information above lets you examine yourself as a punter and know what drives you. Additionally, it will help you to see the whole online betting space in a new light. Seek help if you have a gambling problem.