Gambling Biases Seen at the Casino
At some level, bias is an inevitable reality of life. Human beings developed these feelings, at their core, with existence in mind. Unfortunately, some biases are no longer essential in the modern world and work against our best interests at times.
In this post, we lay out the top biases seen in real money casinos everywhere.
The Gambler’s Fallacy
Okay, this one might not be as bias per se, nonetheless, it falls into the category of a common fallacy.
The Gambler’s Fallacy is a term first used in 1971 but Amos Tversky and Daniel Kahneman are classified as an instance of the representativeness experiential. If that doesn’t ring a bell, we will break it down in a way that’s easier to understand.
When looking at the game of roulette, it can be assumed that there’s an equal chance the ball lands on red or black. Over the course of a million spins, likely, the ball will not favor either side. The functioning phrase here being, “over the course of a million spins.”
Betting Outcome Bias
This type of cognitive bias also won’t help identify future events, but it must help one to make more clear decisions when gambling.
Outcome bias then refers to the idea that when you wrongly predict the future, you made the “wrong” decision.
Gambling Confirmation Bias
This is something that people struggle with within every facet of life – from the blackjack table game to the voting booth, the stock market, and also beyond.
Confirmation bias is what is present when players seek out data that backs up their initial fixed notions while ignoring and evidence to the contrary.
Betting Recency Bias
It’s probably not news to point out that the events that happened often stick out as more prominent data to use when making a decision. The unlucky thing about this type of bias, it’s that it’s even more “subconscious” than the others. Meaning it is quite harder to recognize and harder to overcome.
This one can be seen in both humble and complex decision-making processes.
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