Summary: The higher a man’s IQ, the more likely he is to partake in betting on horse races, a new study concludes.
Source: University of Eastern Finland
The higher a man’s IQ, the more likely he is to bet on horse racing, according to new research from academics at the University of Eastern Finland and the University of Liverpool.
In a study published in the Journal of Behavioral Decision Making found that men with higher numerical IQs were more likely to engage with skill-based gambling, such as horse racing, choose more complex betting products and spend more money.
The study involved more than 15,000 Finnish men who had completed an IQ test as part of their compulsory military service when joining the Finnish Defence Forces. This was cross-referenced with extensive records of the men’s online gambling behaviour and data on their socioeconomic status, income and education from Statistics Finland.
The data did not include women as only men in Finland are required by law to complete military service and take an IQ test.
Commenting on the findings, Professor David Forrest from the University of Liverpool Management School said: “Our research found a strong correlation between men with a high IQ and those who take part in skilled gambling, such as betting on horse racing.
The study does not provide a definitive answer on why men with higher IQs would enjoy betting on horse racing, but the researchers believe this could be because men with higher IQs enjoy the mathematical challenge posed by such skill-based betting. Image is in the public domain
“It is important to note that our findings can’t necessarily be generalised to chance-based gambling, such as gaming machines. However, there is very little previous research on the association between intelligence and skills-based gambling and so finding such a strong link is significant.”
The study does not provide a definitive answer on why men with higher IQs would enjoy betting on horse racing, but the researchers believe this could be because men with higher IQs enjoy the mathematical challenge posed by such skill-based betting.
Associate Professor Jani Saastamoinen of the University of Eastern Finland said: “Betting could be compared to solving crossword puzzles. Perhaps, bettors like to crunch numbers and find the winning horses – even though they know they’ll end up losing money in the long run.”
Does IQ predict engagement with skill-based gambling? Large-scale evidence from horserace betting
We examine how measured intelligence, referred to as IQ, predicts a consumer’s decisions on whether to participate in online horse wagering, how much to spend on those bets, and which horserace betting products to consume.
We combine three individual-level archival data sets from Finland, including all online horse bets during a 1-year period from the state-sanctioned monopoly operator, the Finnish Defence Forces’ IQ test scores from male conscripts born between 1962 and 1990 (N = 705,809), and administrative registry data on socioeconomic status, income, and education for these men.
An analysis of male bettors (N = 15,488) shows that IQ is a positive predictor of participation and spending. In addition, high IQ is associated with choosing more complex (high variance) betting products.
We find that these results are driven primarily by numerical IQ.