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The importance of information when negotiating a bet

The importance of information when negotiating a bet
Having an information bank helps the bettor to avoid several traps.
by Academia   |   comments 0
Wednesday, January 26 2022

When the term “adverse selection” is used in a negotiation, whatever it is, it means that one of the parties involved has more information about the product/service than the other interested party. Consequently, the party that has less control over the negotiation ends up making decisions that are often wrong, affecting not only itself, but often the entire market. In sports betting, it is quite common to analyze cases like this, as this asymmetry of information is included when analyzing the odds that bookmakers are offering.

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In most cases, betting companies have more information to measure the probabilities of an event occurring than the bettors themselves. It can analyze the movement of the lines of a given market, being able to measure the sentiment of the players involved in that bet, having the whole panorama of the situation at its disposal. On the other hand, gamblers, apart from rare cases, have less data and information to base themselves on, and those available are often not of sufficient quality.

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Following this line of comparison, we will take the opportunity to explain why in the first paragraph we mentioned that this asymmetry not only hinders itself, but also the market as a whole. To help you have the best choice possible, there are professionals offering their services in all sectors, whether for the purchase of a car, property or the best bets of the day. In any of these segments, there are all kinds of specialist qualities, and low-quality professionals end up, in a general panorama, putting a great uncertainty to select and trust the good professionals available, since like it or not, even the “experts” who sell a poor service have the advantage of dominating the subject more, compared to those who seek and hire this help.
 
In betting, more and more tipsters appear, people who offer this information and tips, pointing out the best opportunities to bet. In the search for these valuable tips, customers (punters) who do not have any knowledge, easily end up believing that they are receiving information that will give them possibilities to have advantages over others. In a market that is growing more and more, such as betting, an evaluation record of these “experts” would be essential to maintain balance and an acceptable level of information offered, since the idea is to reduce the adverse selection of this operation as much as possible.
 
Therefore, we have seen that trading in the financial market, regardless of which segment it is, and sports betting, have very similar relationships and examples, requiring maximum preparation and competence not to be at a disadvantage. A question that arises, in the case of the betting market, is why then people enter into a “negotiation”, since they are likely to be the weak link in the comparison of the two parties. The explanation of experts for this case is that they are natural actions that every human being commits, such as irrationality and overconfidence. In addition, there are lucrative gamblers, just as there are everywhere examples of big profits and winning bets, and that's enough for people to accept to enter this market, without measuring their advantage or possibility of winning in a professional way.
 
In an ideal world, a good betting expert should reduce this asymmetry, but as we've seen in many cases, things don't happen that way, as in any economic sector, there are all sorts of levels of capability and integrity. Therefore, it is important to question and delve deeper into the probabilities offered, to understand if there is value, as thousands of bettors are willing to sell these possibilities, and it is up to you to read all this “negotiation”.

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