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Gambling Myths: What You Absolutely Need to Know


Gambling is considered a game of luck and chance. As the outcome is usually unsure, there are various myths that surround the world of gambling. However, as is mostly the case, these myths are nothing but superstitions that can be refuted by facts.

The premise that gambling involves luck is not concrete. Mathematical matrices and probabilities are tools that can be used to calculate one's odds. In fact, the casino's all operating on these strategies to be the winner in the long run. If the players had an advantage on the casino, the casino would suffer huge losses. Each casino has a pre established house percentage which determines how much advantage it enjoys over the player. These percentages are usually kept small, yet the casinos earn huge profits owing to the frequency of losses and the volume of players.

Blackjack, poker and slots are frequently surrounded by myths. Many creators claim that their betting systems are fool proof and ensure consistent winnings. This is all farce, especially knowing the mathematics of the casino and the concept of house advantage. No betting system can sustain for long periods, though it might get a few initial wins. Another talked about principle of winning is that of card counting in blackjack. Accurate card counting and placing all the cards requires pure genius. Even skilled players can take hours to place the cards. A faster method is to determine the odds of the game and then participate.

Slot myths can be quite entertaining. One of the popular myths is that the slots are monitored by the casino and it they who decide whether one would win or loose. In truth, there is no hidden camera or surveillance on the slot machines. The entire game is governed by computer programs and is quite independent of human interference.

Another myth is regarding the facilities provided by the casino to a winning gambler as compensation. It is believed that the casinos provide free rooms, meals and other amenities to the gambler who wins and that these gamblers are the best ones the casino has at that time. It is not the best gambler that the casino compensates every time.

Depending on the potential to pay, the casino compensates the gamblers. Free rooms and meals are provided to make the experience better even in case the gambler suffers huge loss. This helps in building good customer relations and customer loyalty, so that the gambler can be a good source of income in the future.

The tussle between religion and gambling is quite old. While some regard gambling as immoral, some think that gambling on festivals brings luck. A simple explanation can be the age of gambling. Gambling is perhaps as old as the concept of religion itself. Cards and dice games were popular recreational activities and were also used at times to predict the future. Thus gambling and religion can be intricately linked but do not oppose each other.

Myths might be based on true incidents. But with time, they get distorted or blown out of proportion, to sound completely baseless and irrational. Speculation also gives rise to myths. These rumors are an entertainment that come along with the game and should be taken with a pinch of salt.

Mansi aggarwal writes about gambling myths. Learn more at http://www.gamblingmyths.com


MORE RESOURCES:

CBS Local

NJ lawmakers considering ballot question on casino gambling in North Jersey
NorthJersey.com
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Mayors stop casino gambling at Tiyan grounds
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The Courier-Journal

Kentucky lobbying group pulls support of legalized casino gambling
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The Kentucky Equine Education Project, a racing lobbying group in Kentucky, will no longer actively support legislation that would legalize casino gambling in the state, the group announced Friday. In a statement, KEEP said the group's board adopted a ...
Horse group now opposes Kentucky casinosThe Courier-Journal
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Toledo Blade

Gaming Association: Casino Gambling Brings Jobs, Tax Revenue
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Some of the highlights of the report put out by the American Gaming Association shows that in 2013 casino gambling has brought in $1.4 billion to the state's economy, approximately 8,000 jobs have been created and about $543 million in local, state and ...
Gambling revenues fall statewideToledo Blade
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Mayors stop casino gambling in Tiyan
Pacific Daily News
Linala Sin Casino, a group that opposes casino gambling on Guam, raised concerns about gambling continuing in Tiyan after the Liberation Day carnival had closed in August. Villages have been using the Tiyan site for gambling operations as part of their ...

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RU Daily Targum

Experts analyze benefits of horse racing, casino gambling in New Jersey
RU Daily Targum
Nowhere in New Jersey can one find casino gambling and horseback racing in the same place. This is putting pressure on both industries, according to a study entitled “2014 State of the New Jersey Horse Racing Industry” by Karyn Malinowski, professor ...



New Hampshire Voice

Expansion of casino gambling may increase public corruption: FBI
New Hampshire Voice
The growth of casino gambling industry might lead to an increase in public corruption as well as financial and organized crime, the head of the Federal Bureau of Investigation's (FBI's) Boston office said. Special Agent Vincent Lisi, whose office ...
FBI's Boston office warns of corruption in casino industryCapecodonline
FBI leader says he's concerned about casinosKennebec Journal & Morning Sentinel

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Thomas Sweetz: Will gambling continue to provide governments with tax revenue?
Allentown Morning Call
Pennsylvania's 13th casino will be Live! Hotel & Casino in Philadelphia, a $425 million project approved this week by the Pennsylvania Gaming Control Board. Pennsylvania's 13th casino will be Live! Hotel & Casino in Philadelphia, a $425 million project ...

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Casino Gambling Lands Fam In Debt
The Spokesman Review (blog)
This father of two said he feels like he's on a sinking ship. He told Christmas for All that his wife left the family last year, after plundering their bank accounts, and plunging the family into massive debt. “She was gambling, going to all different ...

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Starling speaks out on Casino Gambling Act
Royal Gazette
Mr Starling, who has previously voiced his disappointment that Government did not follow through on the promised referendum, expressed his concern that the OBA, having aborted the referendum in favour of passing casino gambling as legislation, failed ...


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