Gambling and betting
Why is the halo effect a nasty mistake in the casino ? There are various answers to this. But think about Erik again. If he doesn’t see that he is a victim of the halo effect, his own fallacy, then he will never play roulette again. While he might recover his loss next time. He must see that he is a victim of a moment, of an accidental situation.
In (online) sports betting , the halo effect is often clearly visible and traceable. There it turns out that people are still betting on a team or player that has long passed the peak. The championship team of two years ago has other players, who together are not nearly as good a team as those winners.
Less visible, but still present, is the halo effect in all poker games , slot machines and roulette. The halo effect can make you stick to a bad strategy or change your play when an attractive person comes to the table.
Several studies have been conducted into the halo effect in gambling. For example, Victor Matheson and Kent Grote looked extensively at the halo effect in lotteries . It had become apparent to them that a lot more lottery tickets were bought shortly after the big jackpot fell. They found that it was largely the halo effect. In addition, people naturally became aware of the lottery game again due to the positive attention in the media.
Positive and negative
Let’s say it again, the fallacy can be both positive and negative. With positive we speak of the halo effect, an English term that means halo or sacred appearance. The If – Then formula of the halo effect is: if A is positive, then B, C and D must also be positive.
With a negative effect, one speaks of the horn effect, which refers to the horns of the devil. The formula is, if A is negative, the rest will be negative, bad and not worth it.