I’m going to start a series of articles that deal with things I do not like or understand. This article concerns gambling.
I live just a few miles from a large Indian Reserve, the reserve has a large casino on it. Since I attend a college that is just a few miles away from the casino I hear about it a lot. My friends and other people I know frequently visit the casino to flush their money away in the vague hope that maybe, just maybe, they can beat the almost insurmountable odds and walk away with enough money to fill a solid gold tower to swim in. Scrooge McDuck style.
Now, I have been gambling. I can almost sort of understand how someone could get their hopes up when they’re twenty, maybe thirty dollars up. But then they start losing, and that’s when the Gamblers fallacy kicks in. If you’ve never heard of this particular fallacy; it’s where the gambler thinks that since the last 12 spins the roulette ball has landed on black so it must land on red soon. Not true. The odds of the ball landing on red or black are exactly the same every time, no matter the results of the previous spins. Different slot machines are available at Slot Online website for the players. The generation of the number will be different from the other slot machines. The use of graphics and theme can be done for the engagement of the players at the table. The playing of online games should be done with skills and excellence to win big.
So our hypothetical gambler is betting away, say he’s playing slots. He’s up a couple bucks, say he started with thirty dollars, he now has forty-five bucks. But then he starts losing. “It’s ok,” he thinks to himself, “it’s bound to turn around any spin now.”
But it’s not. Yet he keeps betting away until he is either well below where he started or he has lost all of his money. Or in some rare cases, he will start winning again, in which case he will continue being quitting until he has lost all of his money unless he is smart enough to quit while he is ahead.
My roommates enjoy gambling quite a bit. They go fairly often, but more often than not they don’t win, or they win just a few dollars more than what they started with. Yet they always go back just a few days later. Which I don’t understand.