Researchers studied people's behavior in sports betting to understand how individuals differ in their risk preferences. They found that most people are cautious when it comes to gains but take more risks with losses. Additionally, individuals tend to be more sensitive to losses than gains, and they tend to overestimate the likelihood of extreme outcomes. While some people are more averse to losses, most individuals tend to weigh probabilities differently when making decisions. This shows that people have varying attitudes towards risk, with probability weighting being the most common factor influencing their choices.