Since most offline, online and live dealer casino games require good luck, it’s no surprise that many myths and misconceptions have become part of the culture. It’s time to shed some light on these falsehoods and do some long-overdue myth-busting. No, casinos are not pumping oxygen into the air to keep you awake and on their premises longer. No, there’s no special trick to stop a roulette wheel. And no, dealers are not secretly controlling the outcome of your game. If any of those revelations just shattered your gambling omens and rituals, then you better buckle up. We’re just getting started!
The Gambler’s Fallacy Myth
This first myth is so prevalent in casino circles that it’s been given a formal name. The Gambler’s Fallacy, or the Monte Carlo Fallacy, was sparked by a roulette game at the Casino de Monte Carlo back in 1913. During the game, the ball fell in a black fret of the wheel an incredible 26 times in a row. Naturally, all the players had started betting red early on. Surely, the ball had to land on red soon after landing on black consecutively? It only happened on the 27th spin, costing the players millions.
Even though the chances of this happening are actually one in 66.6 million, it can still occur. The Gambler’s Fallacy myth is a common belief that previous events can affect future ones. However, results in casino games are completely random. The fact that something has happened many times doesn’t mean the opposite will occur next time. So if you want to weigh your risk when placing bets in casino table games, the best approach is to consider the actual odds – or probability – of your desired outcome occurring as a one-off event.
Slot Games Have Hot and Cold Streaks
When you’re deciding which are the best slots to play at a casino, you’ve probably heard many words of advice from players. Some might tell you to choose a slot at the end of the aisle because that’s where the casinos place the machines with the best odds. There may be those who discourage you from playing a slot that just paid out. Others recommend playing a “hot” or “loose” slot.
While these are all myths, the last one is very popular. Hot slots or slots on a hot streak are supposedly more likely to pay out. Meanwhile, a “tight” or “cold” slot has already done its fair share of paying out and has now become every gambler’s worst nightmare: A money-sucking machine. Thankfully, these beliefs are not based on facts.
By understanding how slot machines work, you could bust multiple deeply ingrained casino myths at once. Slot machines use a random number generator (RNG) to create new combinations and results with every spin. This means each spin is literally a random event unrelated to the last one or the number of wins previously won. With this in mind, you’ll see that anyone who thinks “if you keep on playing, you’ll eventually win it back” is practicing irresponsible gambling and not good faith.
So, if someone wins on your slot machine seconds after you leave it, it’s not your loss but their luck. But maybe the next time around, the tables will be turned!
Casino Games Are Rigged
Casinos are indeed businesses, and the main aim of a business is to make a profit. The misconception that casino games are all rigged to make you lose stems from an exaggeration of the principle of the house edge.
Casinos make money because of the house edge or house advantage tied to every game. This edge is not a shady casino secret but rather a set percentage that can be easily calculated or found online. Let’s demystify house edges.
All games of chance are statistically designed to earn the casino more money (the “house edge”) than they pay out over time. But this doesn’t mean you can’t win. The house edge is a percentage taken from the millions of players that play over time. You are just one.
You are not being set up for failure by a casino – not even if it’s an online casino. Instead, in the latter case, the RNGs within online casino games guarantee a payback percentage to the casino while simultaneously giving every player an equal chance to win. The house edge rewards the casino in the long run, but you can still beat the odds on your favorite online slot machines if you’re having a lucky day.
Online Casinos Don’t Really Pay Out
It would be ideal to call this a myth and say it never happens. However, there’s no guarantee that an illegal online casino won’t scam you if you don’t do your research. Since the invention of internet gambling, many online casinos have popped up all over the world wide web. Even though the proportion of scammed casino players is low, you should know how to avoid becoming one.
Online casinos do pay out, at least the legitimate ones. If you’re a beginner in the gambling world and you’re trying to learn how to play casino games, the first lesson is to choose the right casino. This will get you started on the right foot. Always make sure when you play at a live casino online that it’s fully licensed and regulated by a recognized board. BetMGM is licensed, regulated and audited. Our casino has licenses from the DGE and the PCGB, leading gaming regulatory bodies in the US.
You’ll Never Earn a Bonus
Most online casinos entice players with generous deposit bonuses. But if something sounds too good to be true, it must be, right? Many online players today strongly believe that all casino bonuses are a scam. Not only is this false, but it’s also putting a good deal to waste. Like most industries, casinos introduce incentives to encourage players to use their platform. And those incentives and bonuses often let you play more without exceeding your betting limit and personal budget.
To avoid missing out or being disappointed with the deal you’re getting, always read the terms and conditions that are attached to offers and promotions. Make sure you are prepared to meet the wagering requirements for the offer or bonus before you sign up for it. Pay attention to which games or deposit limits they are tied to. For example, blackjack has one of the lowest house edges in casinos. This is why deposit matches and bonus offers are not usually tied to blackjack games.
Join BetMGM and take advantage of our 100% deposit match for amounts up to $1,000. To earn even more rewards and enjoy exclusive perks when you play online casino games, sign up for MGM Rewards.
Turn Your Casino Dreams Into a Reality With Betmgm
Enjoying an exciting, safe and trustworthy casino experience online is no myth. It’s a reality, and it’s only a few clicks away. Whether you enjoy sports betting, casino table games or online slots, there’s always more to discover with BetMGM. Register online and download our mobile app to start betting on the go.
