Horse racing wagering may not be such a fool’s game after all, according to a research that indicated males with higher IQs are more ready to take financial risks after evaluating the prospects of the runners.
Academics argue that this is because gamblers who like horse racing often have to make tough choices since success often depends on evaluating a horse’s past performance, unlike with other types of chance gambling like the lottery or slot machines.
They favor more complicated bets like accumulators, and success is often dependent on understanding the animal’s prior birth.
Betting on horse-racing may not be such a mug’s game after all – a study found that men who are willing to risk cash after weighing up the runners’ chances have a higher IQ than those who do not (file photo)
The study of 15,500 British gamblers by Liverpool University and the University of Eastern Finland said: ‘Compared to the average man in our sample, the average bettor has a higher IQ score.
‘It is plausible that intelligent people gain satisfaction from absorbing themselves in tasks that involving crunching numbers such as horse wagering.
‘They enjoy the intellectual challenge.’
Academics believe this is because racing enthusiasts often have to make difficult decisions, as success can depend upon analysing the previous form of a horse, unlike other forms of chance gambling such as the lottery or slot machines (file photo of betting tickets)
More than 19 out of 20 horseracing enthusiasts are said to also place a bet in an industry worth around £4billion a year.
Researcher Jani Saastamoinen wrote in the Journal Of Behavioral Decision Making: ‘Bettors use knowledge and skills to make a careful judgment of the outcome of a race.’
He added: ‘Bettors use knowledge and skills to make a careful judgment of the outcome of a race and even losing bets are a source of pride as opposed to winning by pure chance.’