The myths surrounding online gambling are numerous and rooted in misunderstandings about the chances and odds of winning.
If you are gambling online and want to make a lot of money, make sure you don’t believe the 4 major gambling myths outlined below, as they will definitely cost you money.
Gambling myth 1 -More value bets at low probability, high profit
The tendency to overestimate bets involving low probabilities in order to make a large profit and to undervalue bets involving relatively high probabilities of small gains.
For example, which bet is better for you? Play slot machines with multi-million dollar payouts, or play blackjack for much smaller prizes
You may have the same money to bet on each, but of course there is a reason why slot machines have such large payouts compared to blackjack, the chances of success are low!
A player with a good knowledge of Blackjack may not have the chance to make a lot of money, but the chances of success are much greater because the casino edge and the chances of winning are much smaller.
Keep in mind, betting prizes always increase with a decrease in the chances that come and vice versa.
Gambling Myth 2 – Misconceptions about the odds of success
Tendency to interpret the probability of success incorrectly on bets.
For example, many players see the probability of rolling a certain number on the dice to be twice as great with two rolls as with one roll, each event is independent of the other so this is simply not true.
Gambling Myth 3 – Winning streak follows losing streak
The belief that after a series of successes, failure is mathematically unavoidable and vice versa.
It really follows from the above point.
A person can roll a sixfold dice ten times in a row and not violate the laws of probability, because each roll is completely independent of the other.
This is a big mistake that many beginners make.
How many players have seen red appear 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 are hooked on online gambling than you think!
Gambling myth 4 – I almost won
“I almost” You will hear this all the time from players who gamble online after they lose.
Be it in a lottery 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 close, they can only get closer and win!
However, getting close is irrelevant, when each game is completely unrelated to the previous game.
A “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.
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 covered, you’ll understand why. But many players still believe in luck.
Even if luck is a factor and does exist, no one can predict when it will come or go so it won’t help when you are gambling online in any game of chance.
Check the odds and rely on yourself
If you want to gamble online, and 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.