Biases are an inadvertent part of human existence. Most of these feelings were formed with survival in mind, although in the modern world they work against our best interests. Of all places in the world where biases are on full display, the casino floor tops the charts. For instance, some don’t trust crypto casinos but if you read https://casinobee.com/crypto-casinos/, you can understand why they are more secure than other online casinos.
The good news, however, is if you can spot them afar, you have a chance of escaping the trend. And to assist your endeavor, we’ve listed three biases observed in most brick-and-mortar casinos in the world.
The Gambler’s Fallacy
Well yes, although this might not be a bias in the true sense of the term, it falls under the same nefarious category. The term Gambler’s fallacy, first coined in 1971, is classified as an incorrect belief that previous events impact future outcomes. Here’s an example to help you grasp the naivety of the belief.
Take a roulette wheel, for instance, it can be safely assumed there’s an equal chance that the ball lands on a black or red slot. And over the course of a million rolls, it’s possible the ball won’t favor any particular color. The key phrase here is “over the course of a million rolls”. A person suffering from the Gambler’s Fallacy believes the chances are 50-50 and this is where the problem begins.
They believe since the ball landed on the red slot five times in the last five rolls, it’ll land on the black slot in the next five rounds, which as you must have figured out by now is a grave mistake.
Betting Outcome Bias
Outcome bias means when you predict the future incorrectly, you made a wrong decision. However, in reality, there is no such thing as a right or wrong bet. And this is more obvious in casino gambling where statistically-correct plays are of much higher importance.
Gamblers must realize that it’s possible to predict the correct outcome but still end up losing. The only positive side to this equation that we can think of is sometimes the house draws the shortest straw too!
Casino Optimism Bias
We often come across punters saying “Look at the bright side”. And while this might sound like fair advice at a time when you’re feeling low, it barely does anything to help you get out of the distress zone.
While I hate to rain on the parade of positive thinking, when it comes to wasting perfectly good money on the casino floor, I’m not the one to sit quietly in the corner. Furthermore, I can never understand the logic behind the chain of thought. Nobody in their right mind ever places a bet hoping to be wrong.
While optimism is great, things become problematic when you start believing in yourself a little too much! Side note, casino optimism rises quite a bit after a couple of drinks. While there’s nothing wrong with being a happy gambler, anything other than total subjectivity while wagering can prove to be detrimental to your bankroll.