Common gambling myths range from the persistent Gamblers Fallacy myth to slot strategies. We have the facts on gambling myths.
- It’s a myth that a person is “due” a win. Each outcome of a random event is determined when the event takes place. The idea that past events affect future outcomes of randoms events is called the Gambler’s Fallacy.
- It’s a myth that card counting can make a person rich. If you look at the theoretical return of perfect blackjack playing you are still only have a .5-1.5% edge. So for every million you gamble, over an infinite amount of turns you will make up to $15,000. Never-mind that you could very well be down tens of thousands while you wait for the edge to manifest. Blackjack might not be as volatile as other games, but the betting strategy for card counting can be.
- It’s a myth that playing more than one slot machine or playing a lucky slot machine will affect payouts. Slots are programed with specific returns and hit frequencies, often all slots of one type will have the same returns and hit frequencies. However, if you feel like a machine is lucky, it could be that that machine is set to a higher hit frequency (or even return) than another. It could also be in your head. The problem with slots is only the higher-ups know what choices the casino made as far as setting slots goes.
- It’s a myth that if a person comes up and plays your machine after you leave and wins, they took your win. Again every outcome in slots is random. (Pseudo) random numbers are constantly generated by slot machines, when you hit the spin button you lock onto a number string. That number-string represents the outcome of your spin. The rest is just “fireworks” for show and entertainment. A microsecond of difference between when you press the button will change the outcome.
- It’s a myth that people have fun playing Pai Gow.(Joke) The only benefit of Pai Gow is the low risk of the main bet. (sort of joking, the main bet does have the best odds though).
- It’s a myth that the casino is offering you a good side bet. As a rule of thumb side-bets are offered on games like blackjack to make up for the low house edge. If you can affect the side-bet by counting, this rule can not apply as much. There are certain side-bets, that if taken when the count is high, can have the best return vs risk of nearly any bet in the casino.
- It’s a myth that card counting is illegal. Casinos can kick you out, and you are probably pressing your luck card counting in some backroom blackjack game. But generally, if you are betting low, casinos don’t care. If you start winning big and fast, you may be talked to.