Gambling myths that will ruin your game

By L7y | Gambling Strategies | 19 Aug 2021


If you've spent time in a casino chat, then you have heard atleast one. I am speaking of gambling myths and fallacies. 

Myth - The Martingale System works!

It works for a while... until you run out of bankroll. Eventually you are betting 50-75% of your bankroll for a 0.1% win. Your payout from wagering 75% of your bankroll? Your original bet made with 0.1% of the bankroll.

Eventually you run out of money as your bankroll is not infinite as it would need to be for the system to truly work.

  • Instead of using a pure 2x Martingale system, modify your multiplier to 2.11x, 2.44x, 2.70x, 3x etc. Using these multipliers instead of purely 2x will get a little extra profit from each bet, rather than risking most of your bankroll to win the original bet amount.
  • Another option is to manually play a delayed Martingale system, such as 4x multiplier and on two losses multiply bet by 100%. 
  • Every system has its downfalls, the best system would be to incorporate different systems that are hybrids of the various strategies; even going as far as modifying and creating your own.

 

Myth - If I keep playing I will recover my loss

Remember the house edge, and then there are the actual odds of the game. Things like the RTP(Return to Player) percentage are calculated over million and billions of bets. Know the limits of the game you are playing and take advantage of them while you are up. Take a loss as a loss. If you prepared accordingly and set a stop loss then you only lost a portion of your bankroll, and not a large chunk of it. Take a break from playing if needed. There is nothing worse than trying to gamble while you are frustrated and only compounds the problem... eventually this can lead to rage betting. Manage your bankroll properly and know when to stop. It's fine to sit and read the chat and not risk losing any coins. However, you must keep emotions in check while you are still on platform as to not start gambling away your winnings from being "bored" or seeing other's wins. If this has happened to you, or you think will happen, exit the platform on meeting your goal. Set goals and if you hit big and want to keep going immediately set a stopping point dollar amount so you do not lose your whole win. Once you hit this point control your emotions and stop. 

 

Myth - The next bet is a sure win/loss

You may have heard of something called "The Gambler's Fallacy". Here is a bit of an explanation of it.

This one can get a little confusing because 2 different calculations get mixed up in peoples minds.

"Roulette has landed on black the past 15 bets, It will positively land on red this 16th bet"

WRONG! The odds of it landing on red the 16 bet is still 47.4%. This 47.4% is specific to the 16th bet. It's also specific to bet 1, bet 2, bet 3, etc. They are all separate. However the where the specific bet odds get construed are the Gambler's Fallacy, The odds of hitting 15 blacks and then the 16th being red(or black) can be calculated to calculated to how often it would happen, in this order, every 16 bets. This specific calculation of how often this specific run of bets happens is very different than the single bet 16. On each platform you will eventually pick up on differing patterns. These are good to key into but not rely on. Each bet is still separate. Always keep that in mind. 

Real life example of 26 blacks in a row and subsequent event of gamblers losing millions.

 

Myth - It's ok to play with the faucet coin because it's free

Always keep in mind the faucet is there to keep you on the platform. Eventually you can and will win with coins from the faucet if you play long enough. Remember the faucet is only there to keep you on the platform long enough for you to either get overly confident and deposit or frustrated and deposit. Either situation can be a recipe for disaster if your emotions are not in check. It's easy to just get more coin from the faucet, but it may not be so easy to make another deposit. Personally I avoid faucet play altogether. 

 

Myth - The more you play the more you win

To an extent this is true. You have to play to win. However over time you will find the House Edge, game odds, and even RTP are not in your favor in the long run. It's best to take your winnings and run. Hang around the chats on various platforms and you will hear it daily "I was up X amount and ripped/busted". These players didn't know when to stop. 

 

Possible Myth - I can make money from the casino regularly

Very few people have done this and stayed in the green profit wise in the long run. Try to consider it more of a form of entertainment especially if you are new to online casinos. When you are a more experienced player on your preferred platform, yes at time you will make coin off the casino. Play smart enough and on enough platforms and you can even turn this into a consistent pattern overall. I have even read articles about "professional" players. It is more of a rarity for this to happen than a regular occurrence. 

 

If you have enjoyed this or any of my other posts, consider clicking one of the banners below, joining one of the platforms, and trying some of the entertainment that they offer. 

LuckyFish:

4f26882f9c3895c304ec1c76dda615e00cb16d729ee3f1daff1aa66678bee732.jpg

 

BC:

7281074897ff0ab6a71536c10cd59622922cd24b262b1a8a3920734a42c7c76d.png

 

Stake:

d50a35b9e156479b9969300507195a3fadd081145e2eaf7cc0af709fe07053bc.png

How do you rate this article?


3

0

L7y
L7y

Laboratory Supervisor, Mathematics and Crypto Gambling enthusiast.


Gambling Strategies
Gambling Strategies

Various strategies for games such as dice, wheel, limbo, etc. across various gambling platforms

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.