Biggest Betting Blunders – Part 2
In Part 1 of this article, we began to explore some of the biggest betting blunders of online gambling, online sports betting, and casino games . As long as there have been casinos and bettors losing money, there have been bad strategies, states of mind, and temptations which have led to gambling losses. Although they may seem like good ideas at the time, you can be sure they they have been tried and tested over time...usually with bad results.
Gambler's fallacy: This psychological phenomenon and classic gambling blunder describes a bettor's tendency to believe that past history predicts future performance. HUH??? Ok, let me explain: flipping a coin results in ten straight "heads." If you've ever thought, "Surely the next one HAS to be tails" or "No way I'm betting against another heads!", you've just succumbed to the classic gambler's fallacy. These two statements can't possibly co-exist, can they? No...because they're both wrong. Never bet on something or someone because it's "due." A coin which has a 50% of landing tails ALWAYS has a 50% chance of landing tails, no matter what it did the last ten or one hundred times. A lot of sports bettors thought the Buffalo Bills were due after three straight Super Bowl losses. Nobody told the Dallas Cowboys that.
Betting with your heart instead of your head: Let's pretend you grew up a huge sports fan in Chicago, you watched the Bulls win six titles in eight years with Michael Jordan, and they're enjoying their first trip to the NBA Finals in many years. They're a heavy underdog but you're dying to call your sportsbook and place $1000 on them winning it all. Wouldn't it be fun to watch your favorite team relive their past glory...should you bet on them? BLUNDER ALERT! Not if you want to win, you shouldn't. We already said they're a heavy underdog, didn't we? Too often gamblers bet with their hearts and not their heads which can be fun, but financially unrewarding. If your goal is to enjoy yourself and take a big risk, bet on your favorite team. If you want to gamble smart, use your head.
Gambling while drunk: "Man, that bartender sure is cute. I think she likes me. She keeps giving me free drinks!" Ever been guilty of saying that at a casino? If so...you're not alone. There's a reason casinos give you free alcohol; the longer they can keep you there having fun, the more they stand to make from you. And this blunder doesn't just have to be in Vegas...this goes for online casinos as well. If you're not thinking straight, you're probably not betting straight. And you need to be on the top of your decision-making game if you're going to beat the house. I once had a friend finish a six-pack and then call his sportsbook to change his World Series bet. He lost $500.
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