Let’s Debunk the Most Common Online Casino Myths

Share

This article will have a closer look at the most common myths about online casino industry.

Online gambling is no longer a shady market with slim chances of success.

But the online gambling and betting market size is expected to grow to $100 billion by 2026. Thanks to excellent protection technologies introduced in this ever-growing market, the industry has largely been viewed as a safe and lucrative business opportunity.

Here’s a closer look at the four major myths that still exist today:

#1 Bet Size Change Means Higher Winning Chances

Many people think that changing the bet size will change their winning chances. It doesn’t work like that.

That’s because your probability of winning or losing does not depend on how much money you are betting, but rather on how many bets are placed in total and whether they have a positive or negative expected value.

The most common misconception in gambling is that changing the bet size improves a player’s winning chances. Slot developers even suggest this, often claiming players have a better chance of winning if they stake more or less than their usual amount.

This claim, however, is untrue and unfounded – both experts and research show that it does not matter what the bet size is as long as it is set at an appropriate level for the player to achieve their desired winnings.

Furthermore, games like slot are regularly tested by market regulators to measure their fairness. If a slot doesn’t offer fair pay-out algorithms, the game would not be available to play.

#2 Winners Are Denied Their Money

In the online gambling world, there are many myths and misconceptions. One of the most common myths is that casinos will not pay out when a player wins.

This myth has arisen from people who have never gambled before. Casinos benefit from happy players because they want to retain them for repeat business; so, paying out a win helps keep customers satisfied and more likely to return. It’s mutually beneficial relationship.

These casinos also get high profits from house edge via the games that players gamble on. Therefore, online casinos (same as other gaming platforms) have no motivation to somehow scam winners. The word would get out quickly and company’s reputation is a key element in this industry.

#3 Online Gambling Promotes Underage Gambling

If you’ve ever been to a casino, you may have seen teenagers walking around without any problems. This is because they are often able to use fake IDs that let them get in the door.

The biggest myth is that underage children can easily gamble in an online casino without their parents’ knowledge. In reality, online casinos use a variety of methods to verify the age and identity of their players, such as ID documents or even face-to-face meetings with government officials at gaming venues.

#4 Players Receive a Bonus After Every X Spins

Many players believe that the more they play in an online casino, the closer they get to a bonus feature. This is actually not true. Looking at statistics of an average player, with every spin you make you are getting closer to your losses rather than a potential win.

Conclusion

As you start to become more familiar with gambling industry, you will soon start to realize that there are countless myths about online gambling. Whilst some these myths might have existed in the past, they do not apply to the modern casino gambling industry.

Gambling industry has become much more regulated and although things like gambling addiction are real things, many myths of the past are still propagated by people who have no direct experience with this industry. The truth is, it is a wonderful industry full of fun and opportunities. You should never gamble all of your money. But just like many people enjoy betting on their favorite soccer club, many people have a lot of fun playing simple slot games.

Speak Your Mind