Although most casino games on sites like vulkanvegas are games of chance, it is possible for one to make mistakes, too. These mistakes can be costly, as they could exacerbate your losses. You can make them due to an unscientific belief, or sometimes one might think they are caused by extreme and illogical emotions.
1. Believing in the Gambler’s Fallacy
The gambler’s fallacy refers to the belief that if a number appeared several times, it is likely to appear again. The same thing goes with colors. One good example is roulette.
Many times, roulette bettors put their wagers on the red or black option. If the black appeared three or four times in a row, they think that it is likely to appear again in the next round.
This belief is wrong, and math is what we need to use to explain why. Take a look at this:
- Red – 18 pockets;
- Black – 18 pockets;
- Green – one pocket.
At every throw of the ball, it will land only in either red, green, or black. The odds of it landing on red is 48.65%. The odds are the same for black, and the odds for green are 2.7%. Every throw of the ball takes you back to the same odds. Every drop of the ball means that:
- Red – 48.65% chances of the ball landing in it.
- Black – 48.65% chances of the ball landing in it.
- Green – 2.7% chance of the ball landing in it.
Because of this, it is not true that the ball will likely appear again just because it has happened several times already.
2. Betting Because You Are Feeling Lucky
The next gambler’s mistake is betting big because they are feeling lucky. While most gambling games are really about luck since you have no control over the outcome, thinking that the universe favors you right now is a big mistake.
Some people think that because it is their birthday, the odds are stacked in their favor. Some folks, on the other hand, get good hands in blackjack or video poker and win several times in a row. This occurrence can make them think that they can push their luck.
This line of thinking is problematic because of the same mathematical equation that has been discussed earlier. The result of any game has the same odds in every round (except for some card games). It means that winning consistently only happens by happenstance and not because of some divine or mythical intervention.
The biggest mistake you can make here is going big time on a bet just because the past rounds were favorable to you. If you win, good for you. However, do not forget that the odds are the same, and they always give the house an advantage.
3. Betting Without a Strategy
Not all gambling games are purely games of chance. Some require a skill. It is why you need to develop a strategy for games like blackjack and poker. Even so, you must also use a strategy for games of chance like slot machines.
For example, some people think that since a slot is a game of chance, you either go big or broke. This mindset is wrong. If you bet big, you also lose big. However, betting small also gives you more rounds or spins. The more spins you do, the more chances you are giving yourself to get a favorable result, like a jackpot.
4. Betting Without Understanding the Rules
You must understand the rules of the game to reduce your losses. One mistake that some gamblers make is that they do not bother understanding the house edge or the terms that make it advantageous.
For example, most blackjack tables have a “hit on 16 or below and stand on 17 or above.” This rule is vital, as it can impact the decisions you make. If your card is 16, and that rule applies, you know that you must hit on soft 16 because the dealer will do the same. It is not recommended to stand on soft 16 because you will never exceed a one-card draw, and the dealer’s odds are the same.
Gambling is a win-or-lose game. Although most of these, by design, favor the house, you can reduce your losses if you make the right decisions. First off, you must never gamble money you cannot afford to lose. You must not wager money that is intended for something else. The mindset you must have is that gambling is merely a form of entertainment, not a source of income.
Next, always remember that gambling is about math and statistics. The stacks are against your odds, so you are not likely to win. Read through gambling books to expand your knowledge about odds, statistics, and house edge. This way, you can make informed decisions about your bets.