Do you remember your gambling “back in the day?” All those myths and superstitions we actually believed – Oh my! This post is for all of us. Veterans and rookies alike. So, here are some rookie mistakes I am not afraid to admit. I’ve added other misconceptions just in case you had any doubt.
Lessons from My Humbling Beginnings
SMALL, SIMPLE OBSERVATIONS DON’T SHOW THE TRUTH
When Casinos began expanding in New England, I began visiting with my friend Ed. Talk about wet behind the ears! Our sessions were short, and our bankrolls were small. Small samplings of your play are the worst basis for a gambling belief system. So don’t base your play, and your assumptions, on your small samplings.
I used to visit Foxwoods in 1992, when it first opened. The first time I played a five-line Double Diamond slot machine instead of a single line, I won a jackpot. Convinced I had found something big, I continued going back to the same machine, over and over again. I never saw another jackpot. That small sampling superstition surely wasted a lot of my bankrolls.
MACHINES THAT HAVE GOOD MACHINE SIGHT-LINES PAYOUT BETTER
Remember when casinos would string together slots, video poker, and keno machines in a row? Early in my gambling days, I read that casinos would put higher paying machines that were easily seen. Like the newbie I was, I would look in different directions at the end machines to check their visibility! So, I believed casinos placed higher-paying machines where players could easily see them. If other players see more winning, it will influence them to play more.
The problem with this myth? There is no need for the casino to put better playing games where they easily attract more attention. Every game has an RTP (return to player) determined by the house edge. Over a long time, on the casino floor, it eventually holds to the house edge.
THE CASINO PAYS BETTER ON THE WEEKEND or HOLIDAYS
Of course, they do, at least numerically; casinos get most of their business on weekends and holidays. The busier the casino, the more winning sounds from machines, the more it will pay – but that’s because there’s more people playing, and more wagers being made.
I thought I would be sneaky by playing early on a weekend morning. Fewer people, and the machines were still set up to pay better, right? WRONG. Please refer to my introduction. (To this day, I can’t believe I was that naive.)
IT’S DUE! – GAMBLER’S FALLACY
As a veteran Video Poker player, I have learned the four-of-a-kind hit frequency of the games I play. I also know the needed bankroll. We all should remember that hit frequencies can vary widely in volatility. I believe those expectations sometimes make me play longer than I should. I start thinking “a 4-o-a-K is on its way!” “If I keep gambling, I’ll get that quad.”
Welcome to The Gambler’s Fallacy. The outcome each time you gamble is completely independent of any other time. Your odds are no more in your favor on your first bet as they are on your tenth. Chasing losses can only mean financial trouble in the long run. “I’ll win back the money I’ve lost if I just keep gambling” is nothing you can EVER depend on. Over time, risking more and more will only create greater losses.
A List of Other Myths and Superstitions You Shouldn’t Believe
1. LICENSED THEME MACHINES PAYOUT PERCENTAGE IS LOWER BECAUSE OF THE ROYALTIES CONNECTED
I used to be a big promoter of this myth. Casinos get the same range of paybacks to choose from, whether licensed or purchased slots. Leased slots are often set a little lower, but the difference is not dramatic, while instead they’re often designed to capture more money through higher bet levels. For a better explanation, go to Do Slots with Popular Themes Have Worse Odds?
2. MACHINES ARE FIXED TO SHOW CLOSE HITS
Another “rigging” myth claims that machines are fixed to show close hits (both slots and video poker). It seems like it, but it’s illegal in the case of video poker, and even regulated to be limited in the case of slots! Be careful of selective memory – remembering what we are looking for.
3. PLAY HUNCHES INSTEAD OF PERFECT STRATEGY
It’s the same old story. You vary your game strategy (instead of following basic strategy or what “the book” says) because your gut tells you so. You might time it just right or get lucky. But this practice brings shorter sessions, a quicker loss of your bankroll, and sorted reactions of pouting, frowning, and complaining.
4. HOT AND COLD STREAKS ARE PROGRAMMED
Nope. Some people believe in winning or losing “streaks.” This is a human effort to make sense of something misunderstood over a short period. These are human perceptions defined AFTER THE FACT. The result on the next deal or draw has the same odds as every other deal & draw before. “Cold” machines are humans rationalizing losing results.
5. AFTER A BIG PAYOUT, GAMES PAY LESS TO EVEN OUT
FACT: Odds are the same for every play. The deal continues to be random. A low-paying makeup time? That’s just another myth.
Takeaways
Myths and legends surrounding electronic gaming devices often capture our curiosity. Remember:
- The casino doesn’t have to switch things on the fly or cheat. That’s what the casino’s house edge does naturally.
- Class II and Class III machines behave differently – Know the difference.
- Accept the fact that the Random Number Generator is in charge.
- Since the House Edge always does its part, do whatever you can to diminish it with an optimal strategy and use gambling promotions
- Finally, learn how electronic gambling works, and give some time to learning about the games and the industry trends.
Send me an example in the comments of a myth or superstition you used to believe in. I’d love to hear about it.
Want more? Check out Casinos Push Back Against Long-Standing Design Myths and Casino Myths….Fact or Fiction?
