The myths that surround online gambling are numerous and have their roots in misconceptions made about the odds and probability of winning.
If you are gambling online and want to make big money, make sure you don’t believe the 4 major gambling myths outlined below, as they will definitely cost you money.
Gambling myth 1 -Over valuing low probability high gain bets
The tendency to overvalue wagers involving a low probability of a big gain and to undervalue wagers involving a relatively high probability of a small gain.
For instance, which is the better bet for you? Playing a slot machine with million dollar payout, or playing blackjack for what appear far smaller rewards
You may have the same money to bet on each, but there is of course a reason why the slot machine has such a big payout compared to blackjack, the odds of success are low!
A player with a sound knowledge of Blackjack may not have the opportunity to make so much money, but the chances of success are far greater as the casino edge and odds of winning are far less.
Keep in mind, the reward of the bet always increases with a drop in the odds of it coming up 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 view the chance of throwing a qq online given number on a dice to be twice as large with two throws as it is with a single throw, each event is independent of another so this is totally incorrect.
Gambling myth 3 – Winning streaks follow losing streaks
The belief that after a run of successes a failure is mathematically inevitable and vice versa.
This really follows on from the point above.
A person can throw double sixes in craps ten times in a row and not violate any of the laws of probability, because each of the throws is totally independent of another.
This is the major error that many novices make.
How many players see red come up 5 times in a row on a roulette table and decide to bet more on black because of this for the next throw?
There are a lot more players who fall for this when gambling online than you may think!
Gambling myth 4 – I was close to winning
“I was close” You will hear this all time from players gambling online after they have lost.
Be it in a lottery where they missed the jackpot by a single number or on a slot machine when they missed the jackpot by a cherry.
As they were “close” many players will continue to play, as they feel they are close they can only get closer and win!
Being close however is irrelevant, when every play is totally unrelated to the previous play.
The assumption of “being close” is an irrational assumption based upon emotion and not logic
This common misconception frustrates players and is simply because they don’t understand the theory of probability.
4. Lady Luck
There is no way to predict when a good or bad run will come to an end, or when an odd or even number will come up on a roulette wheel.
If you have read the concepts we have just gone through you will understand why. Many players however still believe in luck.