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 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.
Even if luck was a factor and does exist, no one can predict
when it is going to arrive or disappear so it will be no help
when you're gambling online in any 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 placing the best bets
with the best odds to increase your chances of winning.
More information and FREE ezines
for more information on all aspects of online gambling and how
to increase your chances of success, please visit
http://www.net-planet.org/gaming.html
About the author:
More information and FREE ezines
for more information on all aspects of online gambling and how
to increase your chances of success, please visit
http://www.net-planet.org/gaming.html
