Managing your bankroll wisely is one of the most critical aspects of responsible and successful online gambling. However, many myths and misconceptions exist that can lead players astray. This article will examine some of the most common gambling fallacies and explain why they should be avoided.
Hot and Cold Machines/Tables
One very prevalent myth is that of “hot” and “cold” machines or tables. Many players at Party Casino believe that some devices get “hot” after hitting several big wins and are therefore more likely to pay out. Conversely, a machine on a “cold” streak with multiple losses is thought to hit soon.
The reality is that each spin or hand is an independent trial with the same odds. Past results have no influence on future outcomes. A slot that hasn’t been paid out in hours has the same chances for the next spin as one that just awarded a mega jackpot. Tables and dealers don’t get hot or cold either. It’s all down to randomness and variance in the short term.
| Myth | Fact |
| Machines/tables get hot or cold steaks | Each outcome is independent with fixed odds |
Chasing Losses
Another very risky and reckless myth is that you should chase losses to try winning back money you’ve lost. Whether on slots, blackjack, roulette, or any other game, some players believe you should increase bets after losses in hopes of recouping those sums.
However, this tendency only leads to even bigger losses in most cases. The odds remain unchanged no matter how much you’ve won or lost previously. All that increasing wagers does is put you at greater risk of short-term variance wiping out your entire bankroll. Know when to stop and accept the loss rather than chasing it with dangerous betting.
| Myth | Fact |
| You should chase losses by betting more | This only risks even bigger losses |
Betting Systems
Various betting systems like Martingale and Fibonacci seem enticing to many gamblers. These systems have you vary bet sizes in a predetermined sequence. Supposedly following the system will ultimately result in profit.
Betting systems sound good in theory but fail in practice. No matter what pattern you use for changing bet size, the house edge remains the same over a large enough sample. Short term variance means you usually hit the table limits before a system can play out fully. Avoid relying on betting systems and stick to fixed wager amounts per hand/spin.
| Myth | Fact |
| Betting systems beat the house long-term | House edge stays the same regardless of betting sequence |
Due for a Win/Lucky Streaks
Some gamblers also cling to the notion of being “due for a win” after multiple losses or holding out for that ever-elusive lucky streak. This may be after a bad beat at poker or series of wrong-number spins on roulette.
Actual wins and losses conform only to the game’s odds and variance, not abstract concepts of luck. There’s no guarantee that good fortune hits just because you feel owed it. Remain disciplined with bankroll management rather than hoping fate suddenly swings your way.
| Myth | Fact |
| You’re ever due a lucky break | Wins/losses follow fixed odds, not abstract luck |
Dispelling these and other common myths is key to gambling responsibly while giving yourself the best chances of success. Always rely on facts and math rather than emotions, luck beliefs, or desperation mindsets. This discipline keeps bankroll risk lower while allowing profits to accumulate through making strategically-sound betting choices at the right times.
With online gambling more popular than ever in an expanding industry, players new and experienced alike fall prey to various fallacies.
However, by learning the real truth behind these myths, you’ll avoid many pitfalls and put yourself on the path both to enjoy gambling responsibly and potentially profit long-term. Just remember that success comes from patience, practice, and avoiding risky or reckless decisions based on misconceptions.
