In gambling and economics, the favorite-longshot bias is an observed phenomenon where on average, betters tend to overvalue "longshots" and relatively undervalue favorites. That is, in a horse race where one horse is given odds of 2-to-1, and another 100-to-1, the true odds might for example be 1.5-to-1 and 300-to-1 respectively.
In gambling and economics, the favorite-longshot bias is an observed phenomenon where on average, betters tend to overvalue "longshots" and relatively undervalue favorites. That is, in a horse race where one horse is given odds of 2-to-1, and another 100-to-1, the true odds might for example be 1.5-to-1 and 300-to-1 respectively.
Source: Wikipedia "Favourite-longshot bias" · CC BY-SA 4.0
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