Online Gambling - Do You Believe These 4 Gambling Myths?

The myths that surround online gambling are numerous and have their roots in misconceptions made about the odds and probability of winning.

If you are gambling online and want to make big money, make sure you don't believe the 4 major gambling myths outlined below, as they will definitely cost you money.

Gambling myth 1 -Over valuing low probability high gain bets

The tendency to overvalue wagers involving a low probability of a big gain and to undervalue wagers involving a relatively high probability of a small gain.

For instance, which is the better bet for you? Playing a slot machine with million dollar payout, or playing blackjack for what appear far smaller rewards

You may have the same money to bet on each, but there is of course a reason why the slot machine has such a big payout compared to blackjack, the odds of success are low!

A player with a sound knowledge of Blackjack may not have the opportunity to make so much money, but the chances of success are far greater as the casino edge and odds of winning are far less.

Keep in mind, the reward of the bet always increases with a drop in the odds of it coming up and vice versa.

Gambling myth 2 - Misconceptions about the probability of success

A tendency to interpret the probability of success incorrectly on bets.

For example, many players view the chance of throwing a given number on a dice to be twice as large with two throws as it is with a single throw, each event is independent of another so this is totally incorrect.

Gambling myth 3 - Winning streaks follow losing streaks

The belief that after a run of successes a failure is mathematically inevitable and vice versa.

This really follows on from the point above.

A person can throw double sixes in craps ten times in a row and not violate any of the laws of probability, because each of the throws is totally independent of another.

This is the major error that many novices make.

How many players see red come up 5 times in a row on a roulette table and decide to bet more on black because of this for the next throw?

There are a lot more players who fall for this when gambling online than you may think!

Gambling myth 4 - I was close to winning

"I was close" You will hear this all time from players gambling online after they have lost.

Be it in a lottery where they missed the jackpot by a single number or on a slot machine when they missed the jackpot by a cherry.

As they were "close" many players will continue to play, as they feel they are close they can only get closer and win!

Being close however is irrelevant, when every play is totally unrelated to the previous play.

The assumption of "being close" is an irrational assumption based upon emotion and not logic

This common misconception frustrates players and is simply because they don't understand the theory of probability.

4. Lady Luck

There is no way to predict when a good or bad run will come to an end, or when an odd or even number will come up on a roulette wheel.

If you have read the concepts we have just gone through you will understand why. Many players however still believe in luck.

Even if luck was a factor and does exist, no one can predict when it is going to arrive or disappear so it will be no help when you're gambling online in any game of chance.

Check the odds and rely on yourself

If you want to gamble online, and you want to win, don't rely on luck rely on the laws of probability and placing the best bets with the best odds to increase your chances of winning.

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Looking For Gambling Tips and Advice? Try These Starter Strategies

A quick look at the world of gambling tips reveals at least two general categories for guidelines and hints to help you win money online. Long-time writer and casino expert Gayle Mitchell offers a list of single-sentence tips that leave the thinking to the player. This sort of tip is self-explanatory and easy to follow.

For example, Mitchell's workshops and seminars advise casino players to change $1, $5, $10 and $20 bills into coins, then carry the coins in a bucket so that you can judge your bankroll based on the contents of the bucket. This might be great advice for someone who finds it much too easy to snap that folding money off the roll.

If you're an online player, there are similar gambling tips, such as setting specific limits for each session at the computer. For example, a player might have 1,000 points or dollars in the account and set a limit of losing 100, or 200. (The idea of when to quit is the subject of numerous articles, seminars and blogs.)

The other category that fits under the gambling tips umbrella would be gambling strategy. This advice may require more than few words to really be useful. But strategy tips are also crucial to success in a live casino or online.

An example: You can't make a straight in poker without a 5 or a 10. That may seem to be simple enough as it is, but when you are looking at two hole cards and the three-card flop in Hold 'Em this small tidbit becomes part of your overall strategy. This is also true when you are playing video poker and have to decide which cards to hold onto.

Of course, these two categories may not cover all the descriptions of casino tips, but they should be enough to start any player on the road to a little more success. Any assistance is welcome when you're trying to win money online, right?

A Few Good Tips

On this subject, thousands of pages have been written, and thousands of words have been spoken. It's impossible to cover even half of the great gambling tips and casino tips in one sitting. However, we'll list a few of the best bits of gambling strategy in the interested of getting started.

In the video poker world, Mitchell suggests asking the moneychangers where casino employees play video poker. This could lead you to the best two or three machines in the building. She also urges video-poker enthusiasts to know about full pay and short pay. Full-pay machines offer maximum payback for the type of game - $99 out of each $100 that is bet, for example. Look at the payout tables and see if you are at a full-pay machine (nine coins for a full house and six for a flush.)

In video poker, you can throw away all five cards. Some experts gambling strategy say that a player will, over time, toss out all five cards once in every five or six hands.

Key gambling tips: Among the best bets in any casino, according to Mitchell, are a select number of slots and the full-pay video poker games. The best bet for blackjack is a table where the dealer has to stand on 17. According to this expert, keno, big wheel and double-zero roulette should be at the bottom of everyone's play list. The bottom line for every player: Be an educated casino visitor. Check out the Frugal Gambling books by Jean Scott.

When it comes to true gambling strategy, the thinking cap has to go one and the player must devote a little more time to each issue. Let's look at a great example from John Robison about slot play and the issue of playing full coins.

Key gambling tips: Robison and many have asked whether the additional risk of full-coin slots is rewarded with higher payback. Since this guy has a master's degree in computer science and analysis, his study of more than 1,000 slot machines might be a good indicator of what to expect.

In the interest of keeping things simple for now, here are a few of his recommendations.

o With a straight multiplier machine, you are wasting time if you put more than one coin in at a time. Same goes for bonus multiplier.

o Play full coin on buy-a-pay machines, multi-line and on hybrid machines.

o Play full coin an progressives.

Among gambling tips, dozens of systems have been developed and tried as part of gambling strategy. For instance, the Martingale system included the advice to double the bet after every loss, so that with the first win the player would recover what was lost previously. This could work, but since each gambling event stands alone, it might take a minute or a lifetime to hit that first win.

Of course there are probabilities and expected value and so on, but if your chances are 1 in 10,000, you might have to wager 9,999 times to hit that one win. You may also lose 100,000 times before hitting ten in a row. The best advice among gambling tips would probably be: do what the winners do and hope for the best.

Jim Hale is a veteran writer with more than 30 years experience in the newspaper and magazine industry. He has produced hundreds of articles for Web clients and produces Web-page content on a daily basis. Hale is an avid online poker [http://www.casino-affairs.com/online-poker.html] player and has extensive experience writing about casino games and thoroughbred racing. He currently writes for a blog titled blog.casino-affairs.com an online casinos [http://blog.casino-affairs.com] and gambling guide.