5 Common Myths of Gambling

Gambling often gets a bad reputation as an activity fraught with dangers where you're certain to lose your money and slink away with a loss. Fortunately, the truth is quite different. Watch for these gambling myths that may paint a skewed image of what gaming entails.

Gamblers Always Get Addicted

Gambling addiction isn't something you should take lightly, but it isn't necessarily as prevalent as you may think. There is some form of gambling legalized in 48 states, and a quarter of all Americans over the age of 21 have gambled in a casino in the last 12 months. Just 1 percent of Americans are pathological gamblers.

There are many ways to practice safe gambling. Set a limit on the time and money you invest in gambling and don't go over. Balance your gambling with other types of activities. Participate in gambling when you're in the mood for fun, not when you're feeling stressed or depressed.

The Casino Always Wins

Statistically, the casino does win the majority of the time, but this doesn't mean that gamblers are always destined to lose. A study of internet gamblers tracked over a period of two years found that they won on about 30 percent of the days that they played. 

The key is to walk away while you're ahead. The more players bet, the higher their odds of ultimately losing. Among the top 10 percent of players with the highest bets, 95 percent ultimately lost money. Making modest bets is a better strategy.

Online Casinos Are All the Same

Some players get the sense that if they've seen one online casino, they've seen them all. In reality, the landscape of online casinos is incredibly diverse. When you're choosing a casino, you should first consider safety. Online casinos should readily provide information about their security measures.

Look for an online casino that offers a wide selection of games in your favorite category. If you enjoy slots, look for a slot-heavy casino. If you prefer a casino with live dealer games, you can find sites that offer roulette, blackjack, poker, and more hosted in a live, real-time environment. Every casino is unique, so find the one that's right for you.

Online Gaming Is Illegal

Online gaming is illegal in some places, but not all. There is no federal law against online gambling in the United States. Rather, this is handled at the state level. Certain types of online gambling are allowed in Delaware, Nevada, and New Jersey. Worldwide, online gambling is legal in several countries including Australia, Canada, France, Germany, Malta, and more.

Watching Hot and Cold Numbers Helps You Win

Unfortunately, there's no science to the theory of hot and cold numbers. Some players believe that a number that's shown up recently is more likely to show up again. Others believe that a number you haven't seen in a while is "due" to hit.

In most games, every number has an equal likelihood of showing up. Poker and blackjack may offer exceptions, but only in a live environment. In virtual blackjack games, the cards are shuffled after every hand, so counting is impossible. Even in live casinos, blackjack typically uses six to eight decks, so card counting is no longer an easy trick.

Understanding what gambling is and isn't will help you enjoy these games responsibly, making the most out of what's available.