There are lots of psychological traps that we can fall into when trying to predict the unpredictable.
It can affect virtually any player on any game, from slots to peer to peer poker.
But when it overcomes your better judgment, then you might get in hot water, and quickly.
It pretty much sums up the gambler’s fallacy.
Because the ball landed so many times on black, the patrons expected it must land on red.
In retrospect, the chances of the ball landing on black 26 times is 1 in over 66 million.
Recency Bias
This is another spin on the gambler’s fallacy, but slightly different.
For example, the notion of a loose slot machine.
Also, recency bias can be found innear misses on slots.
You are not necessarily winning, but it feels like you are getting close to hitting those mega payouts.
Optimism Bias
This bias is quite common among lottery players, who overestimate their odds.
Positive thinking is encouraged, but not at the expense of belittling the odds.
The same can be said for roulette gamers who play straight up bets.
There is a 1 in 37 chance that you will win, when playing French Roulette.
The odds do not change because you are using your lucky numbers.
It is rarely the case.
Outcome bias is perhaps more prominent in sports betting.
A struggling MLB team may win 3/4 games in one series and then 4/5 in the next.
The results are important, but the results do not suggest the team is particularly dominant in their games.
you’re able to find confirmation bias in a sports bettor who reads daily free betting tips.
They are sure that the experts have got it right, and use that to fuel their confidence.
But it does not really change what will happen in the game.
Another area where confirmation bias can be found is in blackjack strategies.
These are strategies that tell you what to do in any given situation.
They are proven to increase yourodds against the house, but they will not win every single time.
Just because thebasic blackjack strategytold you to hit on 16, doesn’t mean you will get a 5.
Or a more popular one.
If you have a hand value of 11, almost all strategies will tell you to double down.
Streaks are pretty much the same, but they have added emotional responses.
Winning streaks can mislead players to bet higher stakes and attempt to make money quicker.
When they lose, some players then respond by betting aggressively to win back their money.
After that, I will call it quits.
These fallacies are difficult to shake off, and they most frequently lead to losses.
In blackjack, you could decide whether to stand, hit or pursue any of the other actions.
Similarly, you’ve got the option to make astrategy for playing baccarator craps.
On slots, there is very little you’re able to do apart from set a stake.
However, there is always a house edge to beat.
It doesn’t matter if you reduce it to 0.5%counting cards at blackjackor using a strategy.
Control does give players more to think about and do when the gamble.
But it does not necessarily mean you will win because you have a level of control.
The whole reason we enjoy gambling is the thrill of risk.
It can bring an equal measure of rewards and loss, but we enjoy the game.
Another thing to consider is your gaming time.
Every gamer has experienced a certain degree of bias whilst gaming.
But you don’t have to let it take over your natural instincts.
Then, you might look for ways to build strategies to overcome the edge.
It will still not guarantee wins, but you should expect both victory and defeat whilst gaming.
Even the luckiest gamblers lose.
However, through a sturdy bankroll management strategy, you’re free to mitigate these losses.
Daniel has been writing about casinos and sports betting since 2021.
