Do big bettors over run their performance ?

[swift]

I think big bettors, or high rollers, may overestimate their ability to consistently perform well in gambling and overestimate their long-term expected payouts.This overconfidence bias can lead high rollers to make risky bets or engage in behavior that is not in their best interest, such as continuing to gamble even after they have hit their predetermined limit or chasing their losses by increasing their bets.

 

[CR7]

That's a great point. Overconfidence bias is a well-documented cognitive bias that can affect everyone, including high rollers in gambling. High rollers may indeed overestimate their abilities to consistently perform well in gambling due to this bias. This can lead them to take on more risk than they should, leading to potential losses and negative consequences in the long run.

It's important for high rollers to be aware of the potential impact of overconfidence bias on their gambling behavior and to take steps to mitigate its effects. Setting clear limits on how much they are willing to risk, sticking to a predetermined budget, and avoiding chasing losses are all important strategies to help prevent overconfidence bias from negatively impacting their gambling performance.

Additionally, seeking support from professional resources or engaging in responsible gambling practices can also help high rollers maintain a healthy relationship with gambling and reduce the likelihood of overestimating their abilities. Ultimately, being mindful of cognitive biases like overconfidence can lead to better decision-making and improved long-term outcomes in the world of gambling.