Errors in Gambling: Fallacies

The Law of Averages is a commonly stated so called rule by gamblers, a somewhat magical mantra that seems like it will save the entirety of their gambling run. It simply does not work that way. It is directly related to the concept of the Gambler's fallacy, a folly that every would-be casino go-er would be wise to -be informed of.

The Gambler's Fallacy can be considered one of the deepest, darkest pitfalls in gambling history. Whatever you do at the casino, chance, luck and random outcomes are always at your shoulder, ready to snatch your chips away from you in a heartbeat. It is a dangerous excuse that can drive people into debt and has ruined many lives. Here is a quick explanation of what this pitfall is.

There are plenty of names for this horrible rationalization. One of them is the Monte Carlo fallacy, named after the casino of the same name. The Law of Averages is another name for it, though it is more of a misstatement of the law rather than an accurate assessment f it. This is the foolish and dangerous idea that if the dice come up odds ten times then is "due" to roll evens. This is the reason that many keep stay at the tables long after they should have gone back to their casino and slept. The long and short of it is, the gambler's fallacy is the idea that luck has a memory. It's the idea that the roll of the dice can somehow predict the outcome of future luck based outcomes.

Another frequent example of this pit fall is when a player persists at the roulette wheels. Perhaps he could keep betting odds and evens or by color - both of which is wise in general. Sometimes however, it just refuses to pan out and you end up sticking around, thinking that every time that little white ball lands one way that it's time for you to get yours, that it's time for you to get lucky today. Wrong. At the end of the session no one can really tell if sticking around will get you your money back. Nothing in this article will tell you that it's impossible. Assuming that you'll get yours on the basis that you haven't won till this point is the error.

Watch out for this error, this fallacy. It can cost you your entire bankroll in the blink of an eye.