The myths surrounding online gambling are many and have their roots in the misconceptions made about odds and probabilities of winning.
If you are gambling online and want to make big money, make sure you don’t believe the 4 big gambling myths outlined below, because they will definitely cost you money.
Gambling myth 1 -More value low probability high gain bet
The tendency to overestimate a bet involves a low probability of a big win and an understatement to a bet involves a relatively high probability of a small profit.
For example, which is the better bet for you? Play slot machines with a million dollar payout, or play for what appear to be much smaller rewards
You may have the same money to bet on each, but of course there is a reason why slot machines have such big payouts compared to blackjack, low odds of success!
A player with knowledge of Blackjack may not have the opportunity to make so much money, but the chances of success are much greater as the casino edge and the chances of winning are much less.
Keep in mind, the reward of a bet always increases with a decrease in the probability of it coming and vice versa.
Gambling myth 2 – Misconceptions about the probability of success
A tendency to interpret the probability of success incorrectly on bets.
For example, many players see the probability of throwing a given number on the dice to be twice as great with two throws as it is with a single roll, each event being independent of the other so this is simply not true.
Gambling myth 3 – Winning scribbles following losing streaks
The belief that having run from success to failure is mathematically unavoidable and vice versa.
It actually follows on from the point above.
A person can throw double sixes at craps ten times in a row and not violate the laws of probability, because each throw is completely independent of the other.
This is the main mistake that many beginners make.
How many players see red coming 5 times in a row at the roulette table and decide to bet more on black because this is for the next roll?
There are more players who fall for this when gambling online than you might think!
Gambling myth 4 – I’m close to winning
“I’m close” You will hear this all the time from online gambling players after they have lost.
Be it in a draw where they miss the jackpot by one number or in a slot machine when they miss the jackpot by cherries.
Because they are “close” many players will continue to play, because they feel they are close they can only get closer and win!
Being close but irrelevant, when each play is completely unrelated to the previous play.
The “close” assumption is an irrational assumption based on emotion and not logic
This common misconception frustrates players and simply because they don’t understand probability theory.
4. Lady Luck
There is no way to predict when a good or bad run will end, or when an odd or even number will appear on the roulette wheel.
If you’ve read the concepts we just went through you’ll understand why. Many players however still believe in luck.
Even if luck is a factor and nothing, no one can predict when it will come or disappear so there will be help when you gamble online in every game of chance.
Check the odds and rely on yourself
If you want to gamble online, and you want to win, don’t rely on luck rely on the laws of probability and place the best bet with the best odds to increase your chances of winning.