False beliefs, superstitions and magical thinking about gambling can lead to people losing more than they can afford. Knowing the truths behind some common gambling myths can help you avoid getting into trouble.
The bottom line is, no matter what type of gambling you do, you should always expect to lose.
I can win if I bet on a ‘sure thing’
FALSE: When it comes to sports betting, it doesn’t matter how much you think you know. There’s no such thing as a ‘sure thing’. Gambling always involves uncertainty, and gambling companies will always make sure they can make a profit from people who bet on sports.
Only certain types of people develop gambling issues
FALSE: Anyone can develop issues with betting. You don’t have to be a particular age, gender, or personality type. And if someone you know is having issues, you may not even be able to tell. Gambling problems can affect anyone so don’t bet that it can’t happen to you.
Gambling is an easy way to make money
FALSE: Every time you bet, the odds are stacked against you. You might think you’ll be ok because your mates are doing it too but anyone can run into trouble with gambling. It may look like easy money, but the odds are never in your favour.
If I gamble more, I’ll get better at it
FALSE: The more you practice the guitar, the better your chances of becoming a rock star. But when it comes to betting – doing it more often doesn’t increase your chances of winning. That's because betting involves chance, not skill. In fact, the more you gamble, the more you are likely to lose.
I’m on a losing streak so I must be due for a win
FALSE: People often think that past gambling outcomes influence future ones. Known commonly as the ‘gambler's fallacy,’ this false belief leads people to bet more money and to bet more often than they otherwise would.
I’ll increase my chances of winning if I make multiple bets at the same time.
FALSE: Placing multiple bets just means you will lose more money, more quickly.
If I just keep gambling, I’ll win back the money I’ve lost
FALSE: Over time, the more you gamble, the more you are likely to lose.
I’m feeling lucky so I will surely win.
FALSE: How you feel has absolutely no influence on the outcome of gambling.
I almost won, so surely I’ll win the next bet.
FALSE: A near-win does not mean that a real win is just around the corner. In fact, some gambling products like pokies deliberately give near-wins exactly because many people believe a win is imminent – leading people to keep gambling longer and spending more.