Online gambling is more common than ever, yet many people still have lots of misconceptions about how it all works. Chance and probability are complex fields with a lot going on, that can’t be fully understood by looking at a slot paytable or standard blackjack theory for five minutes. You don’t need a degree in statistical analysis to increase your chances of winning at poker, but it can only help to be aware of some of the myths about gambling online. So what are the most common?
Well, even people who have been gambling for years can still fall into some of these traps. From the gambler’s fallacy to people who mistake bad luck for rigged games to picking an online bonus, or the tendency for people to lump all gambling games into the same bucket – these are four things many people think about online gambling that aren’t necessarily true.
“Certain Games Are Due Wins after Losing Streaks”
The classic gambler’s fallacy. This is the human tendency to see patterns in unrelated events. For example, imagine you’re playing a slot and it hasn’t had a big winner in a while. Many people might think this means it it “due” a win, as surely a long streak of losses gets more unlikely?
But this, in fact, is not true. Each spin of the slot is a new chance at winning, and that is not effected by the outcome of the previous spin. You’re just as likely to run into 100 winners or losers in a row as any other outcome. Anyone who has hit two bonus rounds on back to back spins can tell you.
If you want to try out slots and see if you hit a hot streak, casinos like Betway are a great place to start. They have thousands of games to choose from, by the world’s biggest developers, plus bonuses and rewards to get you onto the reels with a bang.
Hot streaks or cold streaks are bound to happen occasionally, and there’s no math or reason behind when and how they do. Anyone who tells you they have a method of predicting this doesn’t understand the math, and is falling victim to the gambler’s fallacy.
“No-one Ever Wins and It’s All a Scam”
The house always wins. This is very much true. But, that doesn’t mean players don’t win too. The casinos simply have the math worked out so they can pay out big occasionally, and still make an end-of-year profit.
Casino games like slots have the highest edge for casinos. But they sometimes pay out big jackpots. When it comes to sports betting a big sportsbook might only hold onto to 20% of the money wagered in a month, although they also take a “vig” or cut of each bet.
As for poker – there’s no “house” to lose against. Poker rooms online facilitate players gambling with and against each other, and they take a small fee for the services. If you lose at online poker, the vast majority of your deposit money went to other players who beat you. There are tens of thousands of professional poker players and sports bettors around the world today, proving some people can beat the system.
Don’t get it mixed up the other way though – the odds are stacked against you. Gambling companies aren’t in the business to give away money. Who is? But, a casino that never paid out to anyone would soon get a bad reputation and be forced out of the market.
There are also government regulators and third party game or software accreditors that monitor online gambling operations for fair play. As with any business, no-one can tell you every operation is 100% legitimate with a cast iron guarantee. But on the other end of the scale, don’t listen to people who tells you it never pays out.
“Bigger Bonuses are Better” – The Terms are More Important
You’ll see plenty of online casinos out there advertising their platforms by way of massive cash deposit match bonuses. Wherein the casino will top your account up with bonus funds equal to the amount of your initial deposit. Sounds great right? Surely the bigger the better?
This is what many novice online gamblers think – and it’s actually very wrong. A headline grabbing figure of $1000 or more might sound and look great on the surface, but it’s far more important to dig into the bonus terms and conditions first.
For example, a $100 bonus offer with no conditions or terms attached would actually be far more valuable to a player than a $1000 option with restrictive terms. These can include:
- Wagering requirements
- Time limits
- Limited to specific games
- Slow or multi-stage release
A $20 bonus with no limitations at all would be better than a $100 bonus with a 10x wagering requirement that can only be played on a small selection of slots. So, always check out the T&Cs before picking up an online casino bonus to make sure it really is worthwhile.
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