Perils of Playing Games Like Magic Dice

7개월 전

Hi friends!

Hope you're doing well!

I've received mixed responses for my this week's posts about gambling in casino games. If you have missed those, here are the quick links:

After reading through these posts and getting convinced that you can't win a fortune through online casinos, I was surprised to learn that many of you are still playing these casino games in the hope to win big!

What makes you lose your money?

A friend of mine told me that he has taken the New Year Resolution to not to play these gambling games again. I'm happy for him that he is successfully keeping up with his resolution. But another friend has unsuccessfully tried to stop gambling after reading my posts detailing about the certainty of loss in these games. And yet another guy has lost all his STEEM but still willing to borrow money at a heavy interest to gamble more.

So today, I won't be writing on other betting strategies and how they will make you loss your money eventually. In fact, today I'm gonna write about why people are gambling while fully aware that they will make a loss! If you ask them, they are not interested in losing their money. Then what makes them roll a dice when they know that House is the ultimate winner?

Some of the reasons that keeps gamblers at the game are:

Candies & Lollipops:


Casino games keep offering several freebies and promotional gifts including their own platform tokens (by casinos on blockchains). Aside this, you don't lose all your money at once or in a continuous losing streak. You do win a little after some losses. These little wins at regular intervals keep you in the game and you continually keep betting. These partial reinforcements give a taste of winning after regular intervals and this brings in happiness and optimism in the mindset of the gambler.

Bias due to Availability Heuristic:


This lead a gambler to over-estimate the probability of his / her win. Any event which is more conspicuous or highly promoted takes a higher mind share. E.g. air accidents like flight crashes seems more frequent and probable than road accidents though road accidents are more frequent. This is because air crashes get more prominent coverage in news media. Also government's rescue operations & budget spent on this catches more eye-balls.

Similarly, casino games flashes the big wins a lot more than big losses. Almost every player can recall a huge jackpot win though it's a rare occurrence. All dice games showcase the big wins. Many have leader boards and special awards to celebrated wins. This lets us believe that huge wins are very much possible & frequent and it can happen to us too.

Will-o'-the-wisp:


Gamblers are disillusioned due to their faulty perceptions. They mistakenly think that they are controlling the outcome with their actions. However all outcomes are purely at random. But gamblers imagine their own rules and rituals are impacting the results. Some will wait for clock to show its seconds hand on their lucky number before rolling the dice, some will blow their mouse twice before clicking, some will touch their lucky charm, etc. I'll call these a mere superstition and a false hope.

Loss chasing due to Loss Aversion:


I don't know if you remember that I talked about the Principle of Loss Aversion a long back. This states that we take our losses more seriously than the equivalent gains. We shall get more disappointed & frustrated on a loss of 5 STEEM than we shall get happy on a gain of 5 STEEM. Therefore we tend to avoid losses. And if we lose, we're more interested in putting our efforts in recovering that loss even if we have an opportunity to earn as much money by spending the same amount of effort in earning it in some other activity. So here starts a new string of gambling for chasing our past losses. And this never ends!

Gambler's Fallacy:


I've already described it in great length in one of my posts on this series. But as I told, it is difficult to play gambling games without being victim to this fallacy. We like to have some anchor to decide our next move. It appears foolish to put your money on a random chance of win or loss. This makes us think that the probability of outcome is not random and it is influenced by the past outcomes.

I think I will stop here today. I'm getting late and this post too seems to be getting longer. So I'll continue tomorrow from here. I think we shall talk more about gambling addiction and what can we do to overcome it.

Thanks for sticking in through all these posts so far!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

I lost 12 Steem in magic dice. I think nothing is random there. Everything is arranged in such a way that when a player chooses a number, it already decides what to do.

·

I understand what you feel! And I believe this is because of our own psychology. We tend to believe that things can't go wrong on their own so something must be responsible for it. If it's not me, who else it could be?

But there are enough reasons to trust the randomness as many casinos are "provably" fair. Many have open-sourced their algorithm, some even choose random digits based on future block hash IDs ....which nobody has control over.

For @magicdice, Steem Witness @themarkymark has even checked the historical outcomes and found the game to be very fair. Check the details at his post here.

·
·

Congratulations @xyzashu ! Your post received a small upvote from @ongame as incentive for sharing gaming content.
Want to know more about Ongame.io ? Join us now!

  • All Recent Games (More than 70k)
  • Live Stream & external sources
  • Review Games and get rewarded
  • And many more... !!!
·
·

I hope it's fair.

Congratulations @xyzashu ! Your post received a small upvote from @ongame as incentive for sharing gaming content.
Want to know more about Ongame.io ? Join us now!

  • All Recent Games (More than 70k)
  • Live Stream & external sources
  • Review Games and get rewarded
  • And many more... !!!

Thank you for your continued support of SteemSilverGold

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by xyzashu from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

Hi @xyzashu!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 3.912 which ranks you at #4113 across all Steem accounts.
Your rank has improved 12 places in the last three days (old rank 4125).

In our last Algorithmic Curation Round, consisting of 226 contributions, your post is ranked at #173.

Evaluation of your UA score:
  • You're on the right track, try to gather more followers.
  • The readers like your work!
  • Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!

Feel free to join our @steem-ua Discord server

Hi, @xyzashu!

You just got a 0.78% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.

Calling @originalworks :)
img credz: pixabay.com
Nice, you got an awesome upgoat, thanks to @xyzashu
BuildTeam wishes everyone a bullish new Year!
Want a boost? Minnowbooster's got your back!

You got a 39.60% upvote from @ocdb courtesy of @xyzashu!

@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 15 SBD and the respective amount in Steem.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.

If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)