Thursday, October 18, 2007

Slot Machine Myths And The Gambler's Fallacy

All of the following slot machine myths are all FALSE. To find out why, do a Google search on "slot machine myths". But don't be discouraged - you will be lucky sometimes, otherwise the casinos would not expect you to ever want to come back! And always remember, there really is such a thing as luck, that is, in hindsight. If you win you experienced "good luck" and if you lose you experienced "bad luck"!

  • FALSE: It’s Luckier To Pull The Handle, Rather Than Hit The Max Credit Button.

  • FALSE: Make Sure You Put Coins In The Slot Machine Instead Of Using Credits. Don’t Forget To Use Cold Coins!

  • FALSE: This Machine Is About To Heat Up — That Means It’s Due!

  • FALSE: The Payoff Symbols Are Missing. This Baby Is Due To Hit The Jackpot!

  • FALSE: Someone Hits A Jackpot At The Machine You Were Just Playing: That Could Have Been Your Jackpot!

  • FALSE: Play The Machines Nearest The Doors Or Aisles.

  • FALSE: Payback Percentages Are The Highest On The Weekends.

  • FALSE: The Casinos Can Flip A Switch To Make Machines Tight Or Loose.

  • FALSE: Players Will Win More Often By Pulling The Arm Of The Slot Machine Rather Than Pushing The Spin Button.

  • FALSE: Machines Pay Better If You Use A Casino Slot Club Card.

  • FALSE: You Can Determine Your Odds Of Winning By Counting The Number Of Symbols On A Reel.

  • FALSE: You Should Play One Coin At A Time To Get More Chances At Hitting The Jackpot.

  • FALSE: If A Slot Machine Advertises A 95% Payback, Then I Should Expect A Return Of $95 For Every $100 I Put Into The Machine.

The gamblers fallacy is at the heart of many of these myths. The belief that any pull of the handle is at all affected by a previous pull is a fallacy ( called the gambler's fallacy, the incorrect belief that the likelihood of a random event can be affected by or predicted from other, independent events ). The heart of the slot program is a carefully designed random number generator which insures that each spin of the reels is independent of any other spin. The slot machine does not need to create so called winning or loosing steaks, it just creates outcomes that assure the casino a certain profit (typically 1 - 10%) over the long run.

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