Post
Topic
Board Gambling discussion
Re: The psychology of betting.....
by
Poker Player
on 28/04/2023, 04:12:27 UTC
As humans, we are conditioned to look for patterns in life and we gamblers try to make predictions based on what we see, while we are gambling. The reality is that these patterns does not exist, but we like to pretend that they do because it helps us to bring order to the chaos that are gambling.  Roll Eyes

Some people seem to think that your bet size will increase your chances to win, but that is simply a myth. The reality is that it simply means your payouts will be bigger when you do win.

A lot of my friends believe that it is better to spin the Slots manually, because "Auto spin" are rigged by the casinos... but that is also a myth...

What patterns do you see and how much do you believe in it?

When you learn the mathematics at the basis of gambling you realize that there are no patterns, but that patterns are constructions that we humans make when we try to see regularities in the observed phenomena. This happens not only in gambling but in life in general, and, for example, in trying to predict the price of Bitcoin. We look at past data, construct patterns based on it, and extrapolate it into the future expecting it to be so... until at some point in the future the data disproves our pattern.

Perhaps the only pattern I see that is not clearly defined but one that I can see in a generic way is playing poker. A person like me who has played millions of hands over many years, when I am winning extraordinarily above average for a while, I know that those extraordinarily positive results cannot last much longer, and conversely with negative results or bad streaks. But it is not something absolutely definite, nor is it based solely on intuition but on the mathematics of variance. You can use variance calculators to see how likely a bad streak is to last based on your winrate and number of hands played.