Online gambling is a hugely popular activity worldwide. Some people lose, some people win and the house nearly always walks away with a profit either way. This is how it is such big business. But, considering it’s something that a lot of people do regularly, there remains plenty of myths and misconceptions about gambling and probability. But what are the biggest ones and how do they shape up with the math and the science of probability?
This article will look at whether online slots really can be “due a win”, whether the house really does always win, regulation and the myth of rigged games and, finally, whether or not any of the claimed fool-proof and non-cheating systems to beat the casino really work. (They don’t).
Slots Can Be “Due” or on a “Hot Streak”
You might think that several losses in a row means a win is due. Or that you just hit a slot bonus, so now there won’t be another one for a long time. But neither of these are true.
In reality, winning big is just as possible on any single spin as it is any other. The odds are reset a new time for each spin. Whether that’s your first or 10,000th try. You only have to look at crazy stories, like the British soldier – Jon Heywood – who won millions of pounds on his first ever online casino slot spin, to see this is true. Or, for example, if you’ve ever hit three back-to-back slot bonuses in a row (it happens, very rarely, but it does).
If all this talk of online casinos has got you thinking about a bet anyway, betway registration is your ticket to getting involved. Signing up takes just minutes and you can bag yourself great welcome bonuses to take advantage of as well. Easy.
Of course this also works the other way. If you’re playing a slot and you haven’t had a win in a while it might just be a slot game with a low odds of winning on each spin but higher potential pay-outs when you do hit. AKA high variance. You should decide what kind of slot is best for your bankroll and play style, as this does have an effect on your chances of winning over long periods.
The House Always Wins – Is It True?
The answer to this common gambling myth is both yes, and no. The house usually does win, a huge majority of the time in fact. But don’t let anyone ever tell you some people can’t beat the casinos at their game.
One example is poker. In poker, there is no “house” as you’re playing against other people. The venue or the online platform takes a small cut of entry or each pot to pay for their services in setting up the game. It’s gambling, but there is no house to lose to – if you lose it’s luck or your own mistakes to blame.
Another is in sports betting. Most people, betting casually, will lose. The odds are calculated to ensure the house has an advantage. Sure, you might get lucky. But without serious preparation and dedication you’re unlikely to win large amounts regularly.
However, some people have done just that. There are people who have made tens and hundreds of millions from sports betting over the years. People like Billy Walters, Tony Bloom and Bill Benter have proved it can be done. It’s a tough game, and you have to be almost supernaturally dedicated to studying sports, math and data analytics to do it, but it can be done.
On the other side, sports books can make mistakes. Dozens of big gambling operators have tried and failed to make money in the booming US sports betting market in recent years.
Some even managed to get lots of customers, but failed to capitalize on because they offered too good odds and promos to make consistent profit. In fact, in some unlikely months, smaller sportsbooks can be wiped out of profit by one big upset result with a lot of action. Nevertheless, the big operators dominate and can afford swings as they take so much action elsewhere.
What About Systems Claiming Guaranteed Wins?
There is no system that can guarantee wins in any online gambling. In sports betting it is possible – with a lot of work – to grind out an edge. But you cannot just pick up a betting system from an online source, and take it to the casino and win.
There are dozens of popular options out there – but almost all of them fall victim to the same thing. Eventually, if you don’t take out your money when you win, you could run into a streak of losses that loses all your bankroll or hits the table bet limit trying to get it back.
Some popular systems include:
- The Martingale
- The Peroli
- The Reverse Martingale
- The Fibonacci System
The only system that truly works to beat the casinos is card counting. However, that is a very difficult skill to master – and while not being illegal, casinos won’t like it and could kick you out if they catch you. You also can’t do it in virtual casino blackjack games, as these RNG powered games use a fresh deck for each deal.
