The Gambler’s Fallacy is the primary cause of addictive gambling. If we’re not careful, our minds can play psychological tricks on us and convince us that we are “due” a win and this can happen when we play any form of gambling including online poker at the big respectable sites.
So, let’s say that you’ve lost five straight games at the blackjack table. The gambler’s fallacy is your mind telling you that you are “due” a win because you’ve lost five in a row. But in reality, the five previous games are completely independent events from the one you are about to play. So you’re making a mistake if you think that somehow your losing the previous five will help you win the next one.
Lottery players suffer from gambler fallacy. The idea is that sooner or later “I’m due a big one.” Well, sorry to set the record straight, but each lottery pick is a completely independent event. So, the fact that you haven’t won any money for the last 365 lottery picks, doesn’t make you any more likely to win tonight’s lottery event.
So, you might ask, is it simply always a fallacy to gamble? The answer is no! But your gambling strategy should always make reference only to the specific event on which you are placing a bet. If you have some inside information about an event that makes the chances of your winning greater than 50% then you are in a very good place to gamble. In fact, it might hardly be said a gamble if you know with 90% certainty that you will win!
The fact of the matter is though that an out and out gambling environment will test you in ways that you never dreamed possible. Not everybody is cut out to be a gambler and you need to ask yourself some serious questions before you go down the road to becoming one.