When it comes to sports betting it seems sports fans also seek to overcome the odds. A recent article in European Sport Management Quarterly warns fans/supporters against betting on their favourite team. The article is written by Sangwon Na, Yiran Su, and Thilo Kunkel. Their bottom line is that fans lose money when betting on their favourite team. Using data from betting on the German Bundesliga the authors test for the extent of fans' "errors" or "biases". One set of their results is reproduced in the picture below.
The title of the article is "Do not bet on your favourite team ...". The literature cited within is impressively broad. Of particular interest are some of the frameworks and concepts more frequently used in psychology and sociology. One of the articles cited examines fans' predictions regarding their team and the remaining 15 NFL teams. The data in this paper by Cade Massey, Joseph Simmons and David Armor did not require the fans to wager their money. Instead prizes were offered for predictions. The predictions from this paper are reproduced in the picture below.
Davidai and Gilovich examined the perspective of NFL fans when the schedule for the season was released. How did the fans perceive the schedule for their team? Was the schedule favourable (tailwind) or was it unfavourable (headwind)? Twice as many fans saw the schedule as unfavourable as illustrated in the picture below.