“…This anomaly, called the favourite-longshot bias, describes the tendency for gamblers to over-estimate the likelihood of longshots winning and under-estimate favourites (Ali, 1977;Thaler & Ziemba, 1988). There is an extensive literature on favourite-longshot bias, with most research finding that longshots have greater long-run losses than favourites (Ali, 1977;Bird & McCrae, 1987;Gandar, Zuber, & Johnson, 2001;Griffith, 1949;Hausch, Ziemba, & Rubinstein, 1981;Winter & Kukuk, 2006;Vaughan Williams, 1999) . More recently (Vaughan Williams, Sung, Fraser-Mackenzie, Peirson, & Johnson, 2016) found evidence of the favourite-longshot bias in poker players.…”