The Psychology of Gambling
We all love to place a wager here and there; betting is triggered and sustained by exciting indices. Gambling is a risk-taking activity that triggers dopamine and reassures us that we are one round away from hitting the jackpot. Below are eight fascinating facts about gaming.
Gamblers are superstitious: Though gambling is naturally a random event, many players believe they are inherently lucky enough to defy the odds. They also think they have experience designing winning systems, no matter the odds. You could call it a god complex. This complex manifests in trying to predict patterns to random events known as forecasting. Gamblers prefer playing hot machines to cold slot machines. They also associate the number 7 with luck, so any casino machine with 7 in the name is a favourite.
Being in a good mood leads to placing more bets: new studies have found that being in a good mood could lead to people placing more wagers. A sunny day, watching the local sports team win, or your favourite band play, are all factors that could lead to a new or increased wager. This increase is tied to the fact that people are more likely to take risks when they are in a good mood.
Bandwagon effect: This is a psychological phenomenon where people primarily do what everyone is doing, overriding their beliefs and ideals in the process. In gambling, this is manifested when someone is on a good streak, and others try to cash in by placing bets behind the guy on the streak, effectively handing over the decision making to the streak winner. This effect could also be observed when jackpot lotteries hit an all-time high, and everyone scrambles to perhaps buy the winning ticket.
Monte Carlo fallacy: the Gambler’s Fallacy or the Finite Supply fallacy occurs when an individual erroneously believes that a specific random event is less likely or more likely, due to a previous game or a series of events. This fallacy frequently happens in gambling when say a dice roll repeatedly spins off a number smaller than 3, the general gambler’s consensus would be that a 6 or some other higher number is imminent. In reality, the odds remain the same.
Emotional attachment boosts expectations after bets: right after placing bets, people’s expectations of their desired events get reinforced. In one study, people were asked to predict the outcome of a particular game before, and after placing bets, they all believed in a higher chance of the event occurring after they had placed a bet.
Internet gambling is glamorous: As new as they are, thrilling online gaming platforms have rapidly increased people’s participation in gambling. They are readily advertised as pop-up ads on mobile devices, and mother luck is now only a click away. The advantages which online gaming platforms like Clover Casino enjoy include, providing convenient and secure betting, anonymity, introducing micro-stakes that help ensure that the player can have some fun as they lose very little in one bet, and more chances of winning big with small stakes as participants extend to unimaginable numbers from around the world. To crown it all, the online casinos and bet sites accommodate all the types of games played in real casino houses such as Bonanza, Fluffy Favourites, Starburst and more games are introduced to the online gambling platforms on release.
Placing bets creates an adrenaline rush: risk-taking naturally creates a feeling of excitement. Anticipating the outcome of an event creates a high effect caused by an adrenaline rush. This feeling gets compounded when the outcome is positive. Then we become gods of the arena. Well, truly we are mere mortals, who can’t tell tomorrow, for gods are not superstitious.
Peer influence: gaming is widely accepted as a part of mainstream culture. Some young people learned about gambling by playing card games at home with the family, while others placed a bet for the first time during a night where they didn’t want to be the odd one out. Others placed their first bet during an all-time high jackpot lottery.