Online Gambling

I almost titled this article “The Worst Gambling Strategy Advice I Ever Got”, because that’s exactly what it’s about, the worst gambling advice ever! So what is the terrible online gambling strategy that you should avoid like the plague? What is the “GF”? (*hint* it’s NOT short for “girl friend”) You’ll find out soon enough. Just know that by reading this article and applying the advice to your own online gambling strategy, you’ll save potentially thousands of dollars and your sanity along the way.

Long before I learned about correct online gambling strategy, and how to get the top gambling bonuses, I was 21 and stupid. Luckily, I had my (much, much, older) big brother to teach me how to beat the casinos *mild sarcasm*.

I watched him walk by the Roulette table and drop $300+ on black, and casually stroll away regardless of the outcome. I witnessed him play video poker where he would hit three-of-a-kind, double-up and win, double-up and win, and then double-up and LOSE. He would go from $1 to $10 slots and in a matter of minutes lose $1,000+. It was exciting to watch, but not so exciting to practice.

He taught me the basics of Roulette, which would have been fine if he hadn’t revealed his “system”. He told me that you could beat the game by watching for a pattern where the ball landed on either red or black a bunch of times in a row. Then you would bet the opposite. If it hit the same color again, you would continue betting the opposite color, while doubling your bet each time. Eventually, he claimed, it would have to hit your color and you would win your bet plus a little profit.

The GF Revealed

The story I told you about my brother illustrates perfectly the GF or Gambler’s Fallacy. Wikipedia says,

The gambler’s fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the false belief that the probability of an event in a random sequence is dependent on preceding events, its probability increasing with each successive occasion on which it fails to occur.

So what does that mean exactly? It means that the Roulette wheel doesn’t a memory. It has the same odds of hitting red, black, or double-zero every spin. Therefore, in theory, it could hit red forever.

The most common occurrence of the gambler’s fallacy has to be about slot machines. I hear people say that a slot machine is “due” to pay off if it has been played a lot, or that a machine is less likely to pay off after someone wins. The truth is that each spin is independent. The slot machine has the same odds of hitting every single time.

How I lost nearly $1,000 in 5 minutes playing Roulette

Again, this was back when I was young and dumb. I believed what my brother said about Roulette strategy, and decided months later to give it a shot at Harrah’s in New Orleans. I was having a good time and winning a lot.

Then, the table went cold and I started losing. It kept hitting black so I bet on red, and then doubled my bet on red, and doubled it again! Then I went bust. But I just knew it was going to hit RED, so I ran to the ATM to get money and threw $200 on red in an attempt to get even - BLACK! I actually went back AGAIN and took out $400 to put on red and FINALLY it didn’t hit black — it hit double zero.

I was disgusted with the casino, my brother, and myself. This lesson was a valuable one though. Had I continued to win I probably would have never educated myself on the ins and outs of gambling. I didn’t step back into a casino for a long time. Now, I know about gambling strategy, and how to manage my bankroll to make gambling a fun and rewarding experience.

The big lesson here is that there is no system to beat gambling games. You can choose to learn perfect gambling strategy that will greatly reduce the house edge and win you more money. You can also learn how to play Texas Holdem at one of my recommended internet poker rooms, which is played against other opponents and not the house. Or you may be perfectly content playing penny slots and hoping for a big jackpot.

Whatever you choose to play, by avoiding the gambler’s fallacy you will make money by avoiding silly systems that don’t work.

Do you have any questions or comments about the Gambler’s Fallacy?

Other articles you may enjoy...

• How to Play Texas Holdem and Make Money at It
• Story of a Bonus Hacker: How I’ve Made Thousands at the Best Gambling Sites
• Welcome to Bonus Hacker – The Best Gambling Bonuses Revealed
• 5 Killer Tips for Getting the Best Gambling Bonuses
• How Online Gambling Bonuses Work