New research: Common mistakes a gambler

 Sept. 12, 2020

Introduction

I like to take a break to work on algorithm or system design. I like to take some time to watch videos from Humbled trader. But I also like to spend over 100 hours to study gambler common mistakes. 

My first two hours research

Here is the first time I like to study 52 mistakes of a gambler to avoid. 

Gambling too often.

The best gamblers in the world, guys who bet on sports for a living, or guys who count cards professionally, know how to take breaks. They know how to wait for a good opportunity and take advantage of it, then sit back and wait for that opportunity to come up again. Pro sports bettors aren’t wagering on every game of the season. They’re wagering when they have an expectation of a positive result. If you find yourself gambling too often, you’re probably exposing yourself to way too much risk.

Believing in the gambler’s fallacy.

We could write an entire 5,000-word page about gambling fallacies alone, but we’ve boiled it down to just two that most gamblers fall for. The first is the basic gambler’s fallacy. The gambler’s fallacy is a belief that if something happens more frequently over a given period of time, it is then less likely to happen in the future. It also means the opposite – a belief that if something happens less frequently over a period of time, it is then more likely to happen in the future. The truth is, numbers have no memory. Modern casino games are built with mathematics. No modern gambling game is more or less likely to pay out in the future based on past events.