Gambling, by definition, is the act of risking something of value (like money or property) on an activity with an uncertain outcome.
Gambling takes many forms, such as, but not limited to:
- raffle tickets, lottery tickets or scratch and win tickets
- card games for money
- games of skill, such as pool, golf, arm wrestling or darts, for money
We gamble for different reasons. Many are in it just for fun and excitement. Some gamble to escape or forget about their problems. A number gamble because they feel challenged by the odds and the chance of winning. Meanwhile, several gamble simply to win money.
Whatever your reason is, there are cold hard gambling facts that we all should take note of. Here are some of them:
People can't predict if a coin is going to come up heads or tails when it is flipped because each flip of the coin is an independent event. It doesn't matter what came up in the previous flip. The chances of heads or tails coming up in a single flip are 50 per cent, regardless of how many times you flip the coin.
There are no systems that make it easier to predict winning lottery numbers. It doesn't t matter how the numbers are picked; your odds of winning are always the same. Take a lottery like Lotto 6/49 for example. All the numbers are put into a drum and then mixed up. The selection is purely by chance. Each number has the same chance of being selected (a 1 in 49 chance to be exact). Your chances of winning with one ticket are 1 in 13,983,816. That means there is no system for picking lottery numbers. It is all a matter of luck and luck comes in two varieties: good and bad.
Generally, we can't win our money back if we have a losing streak. This is the cold hearted truth. Casinos exist because people don't win their money back. Think about it: how long would a casino that paid out more money than it took in be able to stay in business? The fact is that gamblers lose far more money than they win in these places.
An event is neither more or less likely to occur if it has not happened for a long time. Many people falsely believe, for example, that if one color has won several times in a row in roulette then the other color is overdue and will bet on it. While the ratio of reds to blacks will always approach 50/50 in the long term it can not be concluded that this will happen in the short term. It does not matter what the history of past spins is, every trial in games of luck like roulette are independent, and each color is equally likely to come up every time.
A common myth at the blackjack table is that a bad player, especially one in the last seat, will disrupt the natural order of the cards and cause everyone to lose. It is true that such a player sometimes will make a play that will result in the dealer beating everybody rather than breaking. However in the short run such a player is just as likely to help you as to hurt you and in the long run they won't make any difference. The cards are in random order and they are not prearranged to make the dealer break assuming correct play.
Having learned all of these gambling facts, we may ask: is there such a thing as a safe bet?
The answer is simple, all gambling or betting has an element of risk or uncertain outcome. But like anything in life, we can minimize the risk by doing our homework and learning everything we can about a certain game or bet.
Being a consistent winning gambler is about investing the time and effort to become knowledgeable about the wagers he gambles on, whether he can weigh all the factors in a cool, objective fashion, and whether he adopts a consistent, disciplined, long-term approach to gambling.