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According to a Stanford University research with a pool of 444 subjects, researchers found that the common public betting customer expects a achieve of 0.3 cents for each dollar wagered; however in reality, sports bettors lose a median of 7.5 cents per greenback wagered, reflecting “widespread overoptimism about monetary returns”. The effectiveness of such strategies remains debated, as market efficiency varies throughout sports and bet types. These tendencies have given rise to contrarian betting strategies, where bettors wager against heavily backed public sides beneath the idea that the road has moved away from fair value. Economist Steven Levitt discovered that sportsbooks might exploit these biases by setting traces that do not absolutely reflect true chances, instead maximizing revenue towards predictable public betting patterns.

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