The Gambler’s Fallacy



You’re in a twinkly, noisy casino, with lots of lights and sounds. You’ve filled up at the buffet and you’re ready to roll the dice and see if luck is on your side.

While musical shows, lighted fountains and shopping centers may draw in the crowds, casinos would not exist without games of chance. Casino games such as blackjack, roulette, craps and baccarat provide the billions of dollars in profits that make casinos the entertainment industry’s biggest money makers.

Casinos use an assortment of surveillance techniques to ensure that all patrons are treated fairly. Oftentimes, casinos use cameras in the ceiling to give them a high-tech “eye-in-the-sky” view of every table, window and doorway. This allows security workers to monitor and focus on suspicious patrons. In addition, casinos use sophisticated computer chips to determine slot machine payouts.

Although many people believe that gambling is addictive, it’s important to know how much you can afford to gamble and not let yourself get too carried away. It’s also important to stop gambling when you have reached your limit. It’s easy to think that you’re due for a big win, or that you can recoup your losses if you just keep playing. This is called the gambler’s fallacy and it can be very dangerous for your finances. To avoid this, try to play only with the money you’ve been allotted for gambling and never chase your losses. Also, be sure to always drink responsibly and only have one cocktail per hour.