Gambling myths and facts

This article will go through a number of myths and facts about gambling.

What is a fact?

A fact is something that is known or proven to be true.

What is a myth?

A myth is something many believe to be true but is either unproven or false 

Gambling myths and facts

Myth – I just lost 5 bets in a row. My next bet is due to win so I can win my money back.

Fact – The result of your previous bets has no influence on the results of future bets. Believing it does is called the gambler’s fallacy

MYTH: The more you gamble, the more likely it is that you will have a big win.

FACT: As mentioned above, the outcome of each gambling event is independent from the next. Spending more time gambling doesn’t have any impact on the outcome of the next gamble. This is known as the ‘independence of events’ – each event outcome (e.g. lottery draw or reel spin) is independent from those before or after.

MYTH: Gambling can be addictive

Fact: True. Gambling can be addictive and anyone can get addicted. This should not discourage you from betting on sports but it is important that you are aware of the risks. If you believe you have an addictive personality, then you should strongly reconsider if sports betting is for you.

MYTH: Knowing a game well increases your chances of winning.

FACT: True and false. It is important to distinguish between games that are purely based on luck and games that have some level of skill involved. Slot machines and roulette is 100% based on luck so you have no way of influencing the outcome of your bets. Poker and sports betting, on the other hand, can benefit from extra knowledge, and luck is a lesser factor.

Myth: I am certain to lose all my money

Fact: The facts is that you are more likely to lose than to win money. Some of your bets will win and some will lose but overall you will likely lose more than you win. Hence, it is important to never bet with money you cannot afford to lose.

This shouldn’t discourage you from betting on sports as a popular and fun form of entertainment, which is enjoyed by millions of people all over the world. If you gamble, think of it as a kind of entertainment you have to pay for, just like a movie or dinner with friends. That can help you keep gambling in perspective – and if you end up winning some money now and then, it’ll be a nice treat instead of something you were depending on.

Myth: You cannot make money from sports betting 

Fact: Although most people do end up losing, there are many people that make money from sports betting. It is possible for anyone to make money from sports betting. However, being a professional gambler is definitely not an easy profession and there is no short cut to making money from gambling. Otherwise everyone would make money.

Myth: You must be good at math

Fact: True and false. You do not need any special math skills to place a bet. That being said, there is a lot of math involved when betting. You will find numbers everywhere and the more you feel comfortable around them, the more you will enjoy yourself and the more likely you are to win.

However, you do not need to a math genius by any account and an average mathematical understanding is sufficient.   

Myth: Online betting is not safe

Fact: Online betting is not more or less safe than doing any shopping online. You should always be cautious whenever you spend money online and a conservative approach is recommended. There are naturally a small number of betting sites that are scams and cannot be trusted. However, the same can be said about shopping for anything else.

The fact is that the vast majority of bookmakers are large international companies and many of them are listed on the stock exchange. Yes, you can actually own a part of a bookmaker if buy a stock. These companies would soon be out of business if they started scamming their customers. 

Before signing up to a bookmaker it is always recommended to do a bit of research. Read the guides on Wettenbonusse and Google the company name.