Bettors at a racetrack who were asked how confident they were about their chances of winning:

Question

Quizplus · Accepted Answer

This phenomenon is known as the "illusion of control" and reflects the tendency for people to believe they have more control over random events than they actually do. Placing a bet may increase one's belief in their ability to predict the outcome and therefore increase their confidence. However, this confidence may decrease once the race has actually started and the outcome is now out of their control. The amount of money bet does not necessarily correlate with confidence level.

Bettors at a Racetrack Who Were Asked How Confident They