Gambling is
one of the many joys of life, and very often I will make pointless bets with my
friends for little money or just holding a favor. I do see the addiction in it
and I can understand how it can lead many astray with promises of fame and
fortune. This new study shows that the typical “hot hand fallacy” may actually
be true, not because when you win it increases your chances of winning, but
instead, it has a psychological impact on your bets. This, I think, can be true
for some people, but not really true for me at all.
Whenever I
get on a winning streak, I always bet harder and more because I feel a lot more
confident in my choices, comparatively where I am supposed to make safer bets,
but hey, go hard or go home, am I right? On the other hand, when I start to
lose, it could honestly go either way depending on the day, because some days I
feel like winning it all or losing it all and go all in, while other times I
want to conserve my money because I do not think I will win anything. Most days
when I lose though, I always bet harder, according to the data, because I
think, “But what if the next one is the jackpot? This might be like the one
Orpheus and Eurydice story where they just missed by a little bit,” which would
depress me even more, though it might be a good thing, because I would be so
pissed off at the machine or whatever I would be gambling on and just quit.
Although,
one thing that makes this “fallacy” not really work is the fact that if there
is something to lose, then the psychological effects of the fallacy would kick
in harder, because when the thing you see is tangible, you tend to want to
preserve it more. One example from my life is just playing my favorite game,
League of Legends, yeah I know you guys are tired of hearing about it but just
stick with me. Recently, I have been on a losing streak, even though I think my
gaming ability has been about the same. It always fluctuates between a winning
streak and a losing streak, it has hardly ever been just a mix of the two. I
think it is more personalized.
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