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! pkv games
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.