While we casino players have all heard that casinos are random, and actually understand this, many people are subject to cognitive biases when they play. There are many illogical assumptions you can make while playing, but for the most part, there are a few cognitive biases that you can easily fall into while playing.

We explore what these are and the reasons why it is so hard for us to escape them, even when we actually know better.

Our Constant Search for Patterns

Many cognitive biases stem mainly from our tendency to look for patterns and explanations for things we don’t necessarily understand.

We humans can’t help but look for and discover patterns, even when we logically know they don’t exist. This may seem like a disadvantage, but this tendency is very beneficial in most cases. After all, it is the search for patterns that helps us survive and navigate the world every day.

But it can also lead to problems and make us make illogical decisions. We find it difficult to perceive things as unrelated, even if they are. By connecting unrelated events, we can feel a sense of control - even if there was no real connection between them.

When it comes to decisions and assessments about the safety of unlicensed casinos, for example, our search for patterns comes into real use. A gaming company that offers a secure online casino increases the chances that the next online casino operated by the same gaming company will also be reliable. In almost every aspect of our lives, this search for patterns has a real function. Read about safe and efficient transactions and the importance of payment methods in online casinos on this page - https://www.kronantillmiljonen.se/annat/sakra-och-effektiva-transaktioner-vikten-av-betalningsmetoder/.

The Monte Carlo Phenomenon and the Hot Hand Phenomenon

Both phenomena are related to our brain’s desire for patterns, but both are illusions when it comes to casino games. The Monte Carlo Phenomenon is the belief that something will happen if it hasn’t happened for some time, while the hot hand phenomenon is the other side of the coin—the belief that the winnings will continue because luck has finally turned.

The Monte Carlo Phenomenon gets its name from the evening of August 18, 1913, at the Monte Carlo Casino. The ball in the roulette wheel kept landing on black over and over again. The more time passed, the more likely it seemed that the ball would land on red the next time. So many people bet on red after 10, 15, or 20 times. They lost money because it took 27 spins for the ball to land on red again.

Although it seemed logical that the next spin would definitely be red, there was no logic to it. It was 50/50 every time, and the wheel doesn’t remember where the ball landed last time. The first time is just as random as the 26th.

The opposite bias is what’s called the “hot hand” bias or the “hot hand” phenomenon.

It first came from basketball, where it actually has some legitimacy. After a player or team has won a few times in a row, their momentum can increase the likelihood that they will continue to win, as psychology plays a big role in sports outcomes.

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But when it comes to casino games, that’s not true. One win doesn’t make the next one any more likely or improbable. And multiple wins or losses in a row don’t indicate anything other than a random pattern – when the wheel is spun thousands of times, it’s statistically not surprising that some of those spins will result in a win or loss ten or more times in a row.

Conclusion – What can we do about our biases?

There’s no point in getting mad at ourselves for looking for patterns and explanations that don’t really exist. It’s simply our brain’s way of trying to make sense of the world and hopefully predict what’s going to happen next well enough to help us survive. After all, most things in life do have connections.

The best thing we can do is remind ourselves of our biases and take a step back when we’ve gotten caught up in a narrative that doesn’t really exist. We can never completely escape biases, but we can stop ourselves from making decisions based on them.