It has to be said that gamblers are, by and large, a helpful, friendly bunch. Just mention casinos or betting, and any other gambler in the vicinity will immediately identify themselves and strike up a conversation.
They will also invariably offer you their insights and wisdom on how to gamble successfully. And while there is some good advice out there, most of what you hear is best ignored.
Here we’ve come up with a list of the most common gambling myths you should ignore.
This is one of the most destructive pieces of advice a gambler can listen to. Technically, of course, it’s true. Play for long enough and you will break a losing streak.
But there is no way of knowing when that will happen. Or if your eventual wins will cover your losses.
And losing streaks tend to feed off themselves. The more you lose, the more agitated you become. This leads to bad decision making, resulting in further losses, trapping you in a vicious cycle.
This is why you should always set yourself a loss limit. Define the amount of money you can afford to lose in a session and stop playing when it’s gone.
Winning is what it’s all about. Most people don’t gamble for money, they do it for the adrenalin and the rush that comes with a win. So if you’re winning over and over again, why stop? Right?
Because the adrenalin and endorphins released by your brain when you’re on a roll lead to the same result as the stress of losing; bad decision making.
Just like losing streaks, winning ones end. And if you’re on a high and betting big, you might not accept yours is over until you’ve burned through your gains and the rest of your bankroll to boot. This is why a win limit is just as important as a loss limit.
This little pearl is the basis of most progressive betting systems. The idea is that when you do eventually win, the amount will be substantial enough to make up for your losses. Unfortunately, it fails to take into account three very important factors;
The house edge-progressive betting systems can work when the odds are 50/50. And no table games or slots offer 50/50 odds.
Table limits-Unless you’re playing at a really high-roller table, there’s a limit to how much you can place on one wager. If you hit this limit before you break your losing streak, there is no way you can recoup the money you have already lost.
Your bankroll-If you increase your bets after every loss, and you’re on a bad losing streak, your money will be gone before you realize. This is particularly dangerous when you are playing online with a credit card and fresh funds are just a couple of clicks away. For this reason, an increasing number of countries are banning credit card use for online gambling.
Younger gamblers in particular, but not only, approach the whole industry with a show of bravado. “It’s only money, you can’t take it with you” is a very popular refrain among this set.
But what these brave souls seem to forget is that, while you might not be able to take it with you, while you are here, money is kind of a necessity. Blow your whole month’s salary in one night in a casino, and you’ll soon realise how much of a necessity.
So if you don’t want to find yourself suddenly “financially embarrassed”, decide how much money you can afford to lose each month, and keep this as your gambling bankroll. Keep it separate from the rest of your finances.
One of the most persistent slot machine myths that there is; if a slot hasn’t paid out in a while, you’re bound to hit the jackpot in the next few spins.
Slots, both online and off, operate using RNGs (Random Number Generators). This means that each spin is a completely individual event, with no connection to anything before or after.
If a slot hasn’t paid out in a while, it might hit the jackpot. Or it might continue not paying out for an even longer while. There is no way of knowing, and your chances of winning are exactly the same for each spin.
These “tips”, and other similar ones you might hear, are complete nonsense. What’s worse, if you pay attention to them, you might soon find yourself over your head in debt.
That doesn’t mean you should never listen to any gambling tips. There is a lot of useful information on game strategy and other advice that can help you play safely and responsibly. Gambling is a fun, exciting hobby as long as you accept it as such. And ignore any person or blog that starts off saying “If you do x, you can’t lose”.