The following gambling myths may be familiar to you. Some of these common myths can create problems for people when they gamble. Read the myths below, then click each to find out the facts.
Myth: BC/49 tickets are more likely to win than Lotto 6/49 tickets because fewer people play since it is only sold in BC.
The odds of winning Lotto 6/49 are based on possible number combinations, not the number of tickets sold. The odds of matching 6/6 numbers is 1 in 13,983,816. Likewise, the odds of winning BC/49 are based on the possible number combinations and are the exact same as Lotto 6/49: 1 in 13,983,816.
Myth: "I feel lucky." or "My lucky charm will help me win."
Luck cannot be used to predict what will happen in the future. If people believe in luck, they should know that when it comes to gambling, the most common luck that gamblers experience is bad luck. The outcomes of gambling are unpredictable which is why gambling is a risky behaviour.
Myth: Some slot machines are hot and due for a big jackpot.
On average, slots in BC pay out 92% of all money wagered. The payout rate is based on the life of a machine however, not on one playing session. Over the life of a slot machine, or put another way, after millions and millions of spins, the laws of probability will allow many players to win, and cause many more to lose. The fact is that slot machines have Random Number Generators (RNGs) inside them which ensure that each spin produces a random result. A machine is just as likely to have back-to-back winning combinations and big payouts as it is to have back-to-back losing combinations and losses.
Myth: "If I keep playing, I can win back what I’ve lost so far."
Because a player feels “due” – and often because they feel the need to win back their gambled money – they chase their losses. They hope that their luck will change or the outcome statistics will "even out." Remember, the house always has the advantage. Chasing losses won’t solve your gambling or financial problems. The longer you play, the more likely it is that you will end up losing.
Myth: "I can learn a system that will beat the odds."
There is no system you can use to overcome the house advantage or the odds. Many such systems are actually designed to encourage gamblers to bet more money than they would otherwise, because they create a false sense of the gambler’s eventual ability to win using the system. Many such systems being sold to gamblers are actually designed to encourage gamblers to gamble even more money – thus causing the player to lose more money, faster. Every game has an element of randomness that cannot be overcome. This is a necessary condition of gambling.
Myth: "I win more at slots because I play the Max Bet!"
It is true that for many slot machines, the big wins pay out at better odds if the wager made before the spin was the maximum allowable (or greater than the lowest). However, the average return to player (ARP) is still in the 92% range. So basically, you only notice the difference when you experience big wins, which don’t happen very often. In the meantime, you are paying more to play which increases the speed with which you lose your money.
Myth: "The more I play, the better I’ll get."
With gambling, practice does not make perfect. One play does not affect another and there is no system or sure way to win. Remember, every game has an element of chance that cannot be overcome, even with practice. Some skill may be required to play poker or bet on sports, but these games still involve chance. Over time, you are more likely to lose than to win.
Myth: "Gambling .net sites are harmless and fun because no money is bet."
While it is true that .net sites don’t require money for you to play, it is important to recognize they are designed specifically to lead you to .com (pay to play) sites.
Practice (.net) sites allow you to win more easily, leading to a false sense of skill and control.
This makes .net sites particularly dangerous, especially for children and youth. Once false beliefs about one’s odds, skills, or ability to win at gambling are established, they are hard to counter. False beliefs can lead to bad decision-making and problem gambling behaviors.
Myth: "I’m great at video games, so I’m sure I’ll be good at internet poker."
Gambling involves risk and is based on chance. The skill involved in video games has no relevance to any type of gambling.
Even a video game based on a gambling theme is unlikely to have the same odds and opportunities that a player would face in the real world.
Myth: "I will beat everyone at bingo, because I play multiple cards!"
The chances of winning in bingo increase with the number of cards a person plays, but so too does the cost to play. Many people accept this added cost because they believe the advantage of doing so is significant. The actual advantage of playing multiple cards in bingo is less than imagined.
For example, say there are 100 cards in play. Your odds go from 1-in-100 to 5-in-100 if you’re playing five bingo cards rather than a single card. Remember, however, your cost to play has also increased five times so you are spending your betting money five times faster and you are still likely to lose 95 times out of 100 in each bingo round.
The fact is that the house advantage stays constant, no matter how many cards you play.