Busting some of the biggest gambling myths

Posted By: Date: 06/23/2020 at 4:31 am Leave a comment

Ever hear someone say, “Oh keep on playing, your luck will change eventually.” Or how about, “Keep playing, that slot machine is hot!” These are all too familiar sayings in gambling settings – and as it turns out, they’re all gambling myths too. What are some of these most popular myths, and why should you know the actual truth behind them? Take a look…

Keep on playing, your luck will change eventually

Let’s tackle the first one we mentioned right out of the gate. The myth that if you keep on playing, you’re eventually bound to win at some point. While it seems reasonable enough, it’s actually completely false, so much so that this concept has its own name – the gambler’s fallacy.

If you’ve heard the term before but aren’t sure what it really means, we’re here to break it down for you. Essentially, the gambler’s fallacy is the idea that future results are affected by past outcomes. That if something happens more in the past, it’ll happen less in the future. That a previous result will in some way affect a future one.

What does that mean in gambling? Let’s say you toss a coin five times, and every time it comes up heads. Because of this, you might think that on the next toss, it’s inclined to come up tails. It’s come up heads five times in a row now, surely it can’t come up heads again? It has to be time for tails to come up, right?

Wrong.

This is a prime example of the gambler’s fallacy – thinking that past results in some way dictate a future outcome. In tossing a coin, the chances of getting heads (or tails) are always 50/50. No matter how many times it lands on the same side, there’s an equal chance of it landing on that exact same side with the next throw. The same goes for Roulette. Say you place an outside bet on red, and you win. But with your next bet, you go with black, as you don’t think red could come up twice in a row. That’s the gambler’s fallacy at work – red has just as much chance of coming up as black does, no matter how many consecutive times it’s come up in the past.

What this ultimately means for your winning streak is that just because you play for longer, doesn’t necessarily mean your luck will change down the line. So if you find yourself in a bind, and you start thinking along the lines of the gambler’s fallacy, it’s time to put your bankroll first and tap out. Better to live to fight another day than throw good money after bad – and that’s no myth.

Slot machines can become hot

As tempting as it is to believe that a slot machine can become hot, this is definitely not a thing, despite what career slots players might tell you. The idea that slots can become hot (produce consecutive winning combinations for huge payouts) or cold (produce a long series of non-winning combinations) is almost as old a myth as gambling itself – and certainly not a possibility at all with the RNG present in today’s online slots.

While the idea that a certain slot might be primed and ready for payouts is an enticing one, always remember that slots outcomes are based purely on chance – so a slot is always as likely to produce a winning combination as it is a non-winning one. And while some older land-based slots might be able to be rigged to produce a winning result (and that’s a very big MIGHT), the complex RNG algorithm that produces online slots outcomes is one that is always fair and random. No hot or cold slots here.

Similar to the gambler’s fallacy, it’s myths like these that can lead you to blowing through your bankroll in minutes, chasing a win on a ‘hot’ slot machine that could ultimately never materialize. To counteract this, remember the two most important rules of gambling at all times – protect your bankroll, and have fun. As long as you’re doing both of these at all times, you’ll always be a winner.

Sitting next to a bad Blackjack player increases your chances of losing

We have to admit, this one was new to us, but apparently it’s a long-held belief among Blackjack players – that having a bad Blackjack player next to you will decrease your winning odds.

While some players might tell stories about poor players joining a game and suddenly screwing things up for everyone, in fact this idea goes back to the concept of cause and effect – and in this case, there is none. Having a less skilled player next to you will not affect your own game play or your odds in any way. Sure you might question another player’s choices, but as long as you stick to your strategy and manage your bankroll effectively, you’ll be fine. Forget about anyone else’s bad decisions, focus on making your own good decisions, and concentrate on beating the dealer at their own game. That’s the win you’re looking for here.

You’re feeling lucky

That’s great! It’s always best to go into a gambling session with a positive attitude and good energy – much better than playing when you’re feeling emotional or depressed. What’s important to realize though, is that no matter how many rabbits’ feet you bring with you, or how fantastically lucky you’re feeling, that’s all it is – a feeling. Being in a ‘lucky’ headspace won’t automatically guarantee you a win, in the same way as needing a casino jackpot doesn’t mean you’ll instantly manifest one. What it does mean is that you’ll be in a good mood, and probably in a better space to deal with any losses constructively, should things not go your way.

Gambling is all about chance and randomness, and as lucky as you might be feeling on a particular day, that’s not something you’ll be able to influence. What you can do, however, is enjoy your gambling session and have as much fun as possible – that’s something that’ll always be completely within your control!

On that note, Happy Spinning 🙂

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