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Behavioral Finance (BeFi) - Illusion of Control The illusion of control is the tendency for people to overestimate their ability to control events; It is thought to influence gambling behavior and belief in the paranormal. Along with illusory superiority and optimism bias, the illusion of control is. If you gamble, you definitely have control of a number of aspects of your gambling experience, including what games you play, how much you bet, what you bet. An illusion of control is said to occur when a person believes that he or she controls an outcome that is uncontrollable. Pathological gambling  ‎Abstract · ‎Contingency learning and · ‎Methods · ‎Results.