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The Gambler’s Fallacy

The Gambler’s Fallacy

Whether you’re seeking a thrill from the sound of dice rolling, sipping free cocktails or just watching your bankroll grow as you play poker, there’s no doubt casino gambling has something for everyone. Successful casinos bring in billions of dollars each year for the companies, investors, and Native American tribes that own and operate them. In addition, state and local governments reap benefits from taxes and fees paid by casino patrons.

Casinos are more than just gambling establishments; they’re also entertainment centers, dining and meeting venues. Some are attached to high-end hotels or resorts; others feature restaurants, bars and performance venues where rock, pop, jazz and other artists appear. Some are built on cruise ships or in waterfront locations. Others are housed in spectacular architectural landmarks, such as the Hippodrome in London or the Caesars Palace on the Las Vegas Strip.

While casino gambling can be a fun and exciting experience, it’s important to set limits on how much you’re willing to lose. To avoid chasing your losses, never spend more than you can afford to lose and stop playing as soon as you start thinking that you’re due for a lucky streak. This type of mentality is known as the gambler’s fallacy and can lead to huge losses, as well as serious problems with gambling addiction.

In the twenty-first century, casinos have become more choosy about who they accept as customers. They focus more on the “high rollers” who spend tens of thousands of dollars or more. These players are often given luxury suites, limo service, and other perks.