With big money to be lost and won on gambling there is little wonder why gambling myths have come into existence. Some of the myths do little harm whilst others can potentially lead to losing a lot of money especially in high adrenaline games. Let’s examine some of the common gambling myths you may encounter:
1) ‘If I am losing then by continuing to play I am bound to win my money back’ – The majority of gambling is based upon chance possibly with a little skill and knowledge. The fact that you have lost a number of games does not increase your probability of winning in the future. You should always set a budget and stick to it to avoid getting into financial trouble.
2) ‘I am feeling lucky today’ – Well, unfortunately luck plays little or no part in the results of taking a gamble. You can take calculated risks but ‘feeling lucky’ is unlikely in reality to improve your chances of winning at any game. Of course, feel free to play when you are feeling lucky as you are no less likely to win but only gamble with what you can afford to lose.
3) ‘I will improve by ability to win by playing more’ – This is another gambling myth as any gambling results are difficult to predict. For certain types of gambling as you gain more knowledge – for example, if you become knowledgeable about horse or dog racing you can slightly improve your chances of picking a winner. However, for most people this makes very little difference to your probability of winning in real terms.
4) ‘Using the same numbers on the lottery increases my chances of winning’ – In each individual draw the numbers are drawn at random. Therefore, the probability of any number coming out is always the same. Equally, there are no numbers that are better than others since this too is completely random. There is no statistical advantage to sticking with the same numbers each draw.