Anyone who likes to play blackjack in an online casino for real money is subject to something called Gambler’s Fallacy. This psychological issue convinces a bettor that certain results are not likely to repeat. At its worst, Gambler’s Fallacy can cause financial ruin.
Here is some information that can help you spot Gambler’s Fallacy in your own life.We are also giving some advice that will help you eliminate it if the problem exists.
What is Gambler’s Fallacy?
This curious phenomenon has a very specific definition. In recent years, however, the meaning has been broadened to include other types of behvaior. We will begin by talking about the specific meaning.
Gambler’s Fallacy is explained wonderfully in this academic paper from Berkeley University. It is a psychological belief that an event is less likely to occur in the future when it has occurred often in the past. It has also been referred to as the Hot Hand mentality. Let’s take a look at some examples.
A person playing blackjack online loses seven hands in a row. On the eighth hand the player bets the maximum amount. They tell themselves that another losing hand is not likely after losing seven in a row. A winning hand must come sooner or later.
The roulette player makes a big bet on black because red has come up six times in a row. He believes that the odds must be in his favor because there is an even chance of red or black coming up.
Someone betting on a coin flip chooses heads because tails has come up ten times in a row. It is now time for heads to “come due” and reward the player.
All of these are examples of the common definition of Gambler’s Fallacy. A player believes that an outcome that has happened frequently in the past will not happen in the future because the law of averages evens things out.
The smart blackjack player or gambler knows that this is not true. In a 50-50 game such as a coin flip, the 50-50 odds only represent what would happen if the coin was flipped to infinity. It does not apply to short term results.
Other Examples of Gambler’s Fallacy
The definition of Gambler’s Fallacy has evolved to include other rationalizations that can be made by gamblers who are likely addicted to the games that they play. While we want to focus on the game of blackjack, we will use that game in most of the examples that we provide.
A person plays online blackjack. They notice that they have won seven sessions in a row when wearing a certain piece of clothing. Gambler’s Fallacy then convinces they player that they cannot lose when wearing that certain piece of clothing. The next time they wear it they lose.
Maybe the online blackjack player comes to associate winning with a specific day of the week. They convince themselves that losing on that day is not possible, a myth that will soon be revealed with devastating consequences.
What Can Happen as a Result of Gambler’s Fallacy
This condition is a serious one that affects many addicted or problem gamblers. In the most serious cases the condition has caused people to lose their entire savings, jobs, and even the relationship with their close family.
Those who are afflicted will convince themselves that a certain result at gambling is not possible. They will then try to prove out their belief, even if it means going broke in the process. As we mentioned before, this is a psychological condition that likely requires psychological treatment.
Are You Suffering From Gambler’s Fallacy?
We have provided you with some basic signs that you can observe in your own life. If you notice yourself making these or similar rationalizations, we recommend that you see a professional as soon as possible.
No one wants to face the possibility that they have a gambling problem. It can be embarrassing to admit the problem and seek help. Failing to get the help that you need could cause you to lose more than you ever expected. Counting Edge wants all of its readers to maintain a healthy perspective when it comes to playing blackjack online or in a live casino.