Winning inbetting games lies on knowing probability, but most of the time people mistook it asluck or chance. For this reason, many bettors in the history of betting went into a financial loophole because they do not understand the differences between luck and odds along with other erroneous beliefs that they refused to clarify.
The Erroneous Belief in the Betting System
The usual cause of excessive betting is the erroneous belief about control, luck, prediction, and chance. Bettorswho are driven by random outcomes thinkthat they can predict their winseven if it is against the odds. According to the psychology of gambling, the 5 following mental factors can urge bettors to keep on playing despite their losses:
- The availability heuristic, also known as availability bias, refers to the swiftness of the bettor in making a present decision due to its similarities with past events. This kind of thinking tricks the bettors to wage again in a game believing that they can attain another winning streak. Thus, overestimating winning probability.
- Gambler’s fallacygives the bettor the false hope of winning which is propelled by an erroneous belief that the winning probability of the present random event is influenced by past similar occurrences.
- The illusion of controlrefers to the false sense of control over a gamethat is usually unrecognized. Hence, they think that a slight win means the luck is on them.
- Loss aversionis simply like chasing losses. The bettor wage continuously even if the losses are already greater than his winnings and the prize itself.
- Partial reinforcementsimply means that the bettor’s compulsivity in waging is stimulated by his own will to win despite knowing that the winning chance lies between 0 to 100%.
To counteract these erroneous beliefs, the bettors must equip themselves with knowledge about probability and must have a full understanding ofthe gaming mechanics specifically the odds or house edge.
How to Play and Win Like a Pro Bettor
According to betting game connoisseurs, you only need to do the following tips to ensure your winnings:
- Budget first your pocket money and do not spend beyond it.
- Leave your credit cards at home to avoid debts because betting would entice your pockets.
- Select games with good RTPs and odds.
- Study the game mechanisms well to increase the chance of winnings.
- Seize the free games because they act like a pro bono where you can play without spending a single cent. There are sites, too, that do not require any waging requirements like in Viggo slots. It means you can withdraw your winning money anytime without waging.
- Set a winning limit and once you reached it—STOP FROM PLAYING.
- Separate your bankrolls and winnings so that you have something to take home.
- Don’t chase your losses. It’s not worth it. Just do better next time.