The Number 1 rule of gambling is that you should never play with money that you can’t afford to lose. But, amidst the excitement of the gaming environment it’s easy to get entangled in thoughts about how, by putting forth a little extra effort, you can score the big win.
Regardless of whether you’re a beginner at online slots real money gambling or you’re a seasoned veteran, you should learn about some of the gambling myths that circulate at gaming venues. These myths are designed to keep you betting when you really shouldn’t but if you are prepared, you can protect yourself and your gaming budget.
Luck and Success
Is success in gambling simply a matter of luck? Some people think so and make their decisions about whether to play, which games to play and how to bet based on whether they’re “feeling lucky.” In truth, in games like slots and lottery games, winning is based primarily on random chance and outcomes are unpredictable. So yes, your success is based largely on how lucky you are. But don’t forget that these games are designed with a built-in house edge which means that, over time, the house will profit.
In games like poker and blackjack, the elements of skill and strategy influence results. Luck is definitely a part of the game but if you can think strategically, assess probabilities and maintain an element of psychological acuity, you’ll do well. Players who game professionally or who play at tournaments know this. They don’t merely rely on luck but rather they boost their chances of success by investing time in honing their skills.
"Hot" and "Cold" Streaks
Most gamblers have heard about the concept of hot and cold streaks. In short, this concept relates to the assumption that if a particular outcome occurs frequently, it is bound to change. The idea of hot and cold streaks is also known as Gambler's Fallacy because….well, because this concept is a fallacy.
In reality, every event in a game of chance is independent of previous outcomes. For instance, the probability of a coin landing on heads remains 50% regardless of previous flips. The belief in streaks can lead to irrational decision-making and financial losses.
Researchers have found that the belief in hot and cold streaks is rooted in human psychology. According to studies, our brains are wired to recognize patterns which leads to the perception of streaks. Meaning that, despite evidence to the contrary, we look for outcomes that confirm our pre-conceived notions of streaks.
It seems logical to accept the idea that you can use a system to win but these systems are based on flawed logic. Remember, the casino games are designed with sophisticated algorithms to ensure that the results of every throw of the dice, every deal of the deck and every spin of the reels is random. There is no system that can override the fundamental principle that outcomes are uncertain because every event is independent of events that occurred before and after.
Still, gamers stick with their preferred system. Some of the popular systems include
- Martingale Strategy – gamers who play according to the Martingale strategy reduce their winning bets by half and double up on losing bets on subsequent wagers. The idea is that the player will improve the odds of breaking even. In reality, the chances that the player will experience quick and significant losses increase.
- Fibonacci System -- the Fibonacci System involves a system of negative progression betting. IN short, the player increases the wagers following a losing wager because, according to the theory, the stakes are likelier to be higher stakes on winning wagers than on losing bets.
- the D’Alembert System is a negative progression system that you can use on chance bets, such as pass/don’t pass on the craps table, red/black on the roulette wheel, a hand at the blackjack baccarat’s table. The D’Alembert System promotes the idea that you should increase the size of your bet after you lose and decrease your bet after a win so that you can rack up small wins while you chase down previous losses.
The House Always Wins
While some players are overly optimistic in assessing their chances of winning – with strategies, systems, etc – others are overly pessimistic and believe that the House always wins. It's true that casinos, on the whole will win back 4% of all bets for online and 30% of all bets at a land-based casino, the idea that individuals cannot win is a misconception. Skilled players, particularly in games like poker and blackjack, can achieve success and even with random games, it’s fun to try your luck because there’s always a chance that you might win.
The bottom line is that, if you distinguish between games of chance and skill and play accordingly, you never know what might happen – that’s the part of casino gambling that’s fun.
In the long run, to be a successful gambler, you have to remember that nothing in gambling is a certainty. Some positive steps that you can take involve learning the odds of different bets in the various games, employing risk management strategies, setting limits on losses and walking away when your entertainment budget has been exhausted.
Understanding the realities of skill, chance and the inherent unpredictability of outcomes is crucial for you to enjoy real money gaming entertainment. Disregard gambling myths in order to foster a more informed and balanced perspective on your casino adventure.