Selection bias is when people make decisions based on their own opinions, beliefs, or experiences instead of considering all the potential facts and evidence. For example, if someone is looking to buy a car, they might be influenced by a friend’s review instead of researching the car themselves. This could lead them to make an unwise decision and pay more than necessary for a car.
Selection bias in value betting means that we allow our personal preferences and familiar patterns to influence our betting choices. This is something you need to avoid – because emotion costs money. You should bet with your brain and not your heart.
Luckily, the overpriced odds presented in RebelBetting are not just random bets. We find value bets with a long-term statistical edge and proven results. No emotions involved! With enough bets, all bet types and sports have good results. Some are better than others of course.
Check out the video to understand why avoiding selection bias is important:
As a value bettor, you should focus on the number of bets placed. Unless you have made thousands and thousands of bets in all sports, and all markets throughout the year you cannot accurately evaluate your performance. Why? Because of variance. The number of bets required to reach statistical significance is much higher than what most people think intuitively.