Definition of "overbet" [overbet]

• A bet which is more than standard for a particular situation. (noun)
• To bet an amount which is more than standard for a particular situation. (verb)

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• "We were led to this research by an age-old racetrack puzzle economists call the “favorite-longshot bias”: horse bettors historically have overbet long shots, and they win less often than their odds suggest."
• "In essence, people tend to overbet unlikely outcomes."
• "This is precisely the kind of suicidal overbet that a player like Reategui inspires."