10 Gambling Myths Revealed (No Truth, Just Legend)

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Author Davey Hanson

Approved by Rumen Morfov

Updated:

8 May 2024

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Many people have false beliefs about gambling. Whether they believe their luck will change, they are due a win, or they think they can influence the outcome of a game, the fact remains, that they are gambling myths.

As a result, we will reveal 10 gambling myths people believe in. Additionally, we will explain how they can result in unhealthy gambling habits.

Gambling myths are falsehoods that can lead to unhealthy gambling habits. It is estimated that 47% of gamblers believe in gambling myths. What you must remember is that players cannot influence the outcome of a casino game, results are randomly generated. Ultimately: Gambling more will not result in more wins, it will result in increased losses.

Myth 1: If I Keep Gambling, My Luck Will Change

If I keep gambling, my luck will change is a widely believed gambling myth. Unfortunately, this betting myth is a gambling legend that has existed for years. The reality is, that the odds of winning on your first bet are the same on your second bet. They do not change regardless of how much you play.

For example, if you wager $20 on a slot machine and lose, your odds of winning if you wager another $20 remain the same.

Myth 2: I Am Due a Win Because I Lost

No one is guaranteed a win just because they lost. The mindset that you are bound to win after a loss is unfactual (read more on the Gambler’s fallacy here). Moreover, it ultimately can lead to people risking more money than they can afford. The odds of winning do not improve if you have lost, they remain the same.

For example: A slot machine with an RTP of 90% is based on the outcome of millions of spins. If you wager $100 and lose, the probability of winning does not change.

Myth 3: If I Play More, I Will Win More

Mathematically speaking, if I play more, I will win more. However, if I play more, I can also lose more. Consequently, this gambling myth can cause more pain than it will gain. Remember, the odds are not in your favor, regardless of how many games you play.

For example: If you play two slot machines simultaneously, your probability of winning increases. However, your probability of losing increases.

Myth 4: Playing With My Lucky Numbers Will Result in a Win Eventually

The outcome of any number game is determined at random. As such, playing with my lucky numbers will result in a win eventually is a myth. Likewise, the randomness of winning will not change regardless of how often you play your “lucky numbers”. Luck plays no part in a numbered game like keno, bingo, or the lottery.

For example: If you play a lottery game with 6 numbers, the odds of winning are 1 in 13,983,816 million. That means there are 13,983,815 chances your lucky numbers will not be drawn.

Myth 5: Sticking to a Ritual Will See Me Successful

Every bet has some level of risk, sticking to a ritual will see me successful is a falsehood. Part of this gambling myth’s popularity is the belief that rituals play a part in our lives. The reality is, superstitions play no part in one’s success.

For example: Rubbing your hand over a slot matching or holding onto a lucky charm plays no part in your success. The outcome is pre-determined by the random number generator.

Myth 6: Reading Horoscopes, Star Alignments, or My Fortune is the Right Way to Bet

Whether you are playing table games, slot machines, or any other game of chance, the outcomes are predetermined. This is a myth by those who believe in astrology as a form of spiritual guidance. Unfortunately, this is not true. Those who think reading horoscopes, star alignments, or my fortune is the right way to bet are mistaken.

For example, Your horoscope predicts good fortune will come your way on the 15th and 16th of the month. A horoscope cannot predict the outcome of a random event.

Myth 7: Betting on Multiple Outcomes Will Guarantee Me a Win

If betting on multiple outcomes guarantees a win, casinos would go out of business. More often than not, this gambling myth is favored by sports bettors. While it will increase your odds of winning, it’s important to remember that every outcome is independent of the other.

For example: You stake $10 on the Nashville Predators to score the first goal, score the last and beat the Canucks outright. The Canucks score the 1st goal and the remaining periods are scoreless – all three bets lose.

Myth 8: Having a Gut Feeling – This is My Lucky Day

While having a gut feeling – today is my lucky day is something we have all experienced, the odds of probability suggest otherwise. One reason people believe in this myth is one’s 6th sense. Unfortunately, this is untrue as a gut feeling cannot alter the odds of probability.

For example: You get a gut feeling to buy a lottery ticket. The odds of winning the lottery are 1 in 13,983,816 million, which means there are 13,983,816 million changes your gut is wrong.

Myth 9: Gambling is a Good Way to Make Money

If you think gambling is a good way to make money, you are wrong. There is nothing to indicate how this myth came about, but sadly, this myth is alive and well. If gambling was a good way to make money, casinos would not exist. Gambling is a form of entertainment, nothing more, nothing less.

For example: You get paid $200 to work 8 hours. If you gamble $200 on a slot machine with a 92% RTP, your $200 will be reduced to $184.

Myth 10: I Will Win As Long As I Don’t Give Up

I will win as long as I don’t give up – no, you will not. In fact, you are more likely to lose than win, and ultimately, you will lose a substantial amount of money. We are unsure where this myth came from but it is untrue. The fact is, this myth can cause financial hardships. Always gamble with a budget – always know when to give up.