Gamblers Instinct

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Renew my subscription Give a Gift Manage my subscription. News Social Sciences 16 January Gamblers predicted Brexit before financial traders.

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Gambling: The Pipe Dream Payoff | Psychology Today

Bets on referendum results confirmed the wisdom of the crowds. Nick Carne reports. For bettors or worse: Brexit was a goldmine for astute punters.

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Punters’ instinct? Gamblers predicted Brexit before financial traders

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How Do Gamblers Use Intuition?

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Mike Ashley undone by his gamblers' instinct

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    More Posts. Photo: Shutterstock. These impulses grab them to the point where they are willing to bet considerable money on what is pure illusory non-randomness, according to the study. In other words, gamblers use a wrong sense of belief that they can see patterns even when there are none.

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    They showed participants a picture of a casino and two slot machines and asked them to predict how many tries it would take to obtain a coin from the slot machine on the right or left. Order of outcomes was random. A rational person would bet on the machine with a higher chance of winning however a phenomenon exists in which individuals match their response proportions to the outcome probabilities.

    This is impossible given the randomness of the game, say the researchers.