Skill Vs. Chance
Betting by its very nature is unpredictable as it involves staking money on events which can have multiple outcomes. Players now have a variety of different sports and markets to bet on. Understanding how your results will be affected by chance and skill allows you to have realistic expectations of success from your betting and manage your activities within your parameters for enjoyment.
Games of chance
Even if you have great experience of the activity you are participating in you are unable to affect the outcome. Your choices will not impact the likelihood of the bet winning.
Games of chance include:
- The lottery
- Slot machines
- Roulette
Every bet placed on these games is independent and the outcomes have set odds.
When playing casino games is important to set your self session timers to ensure the activity doesn’t take up more of your time than you intended. Lotteries are now a lot more frequent and it is important to note that this also does not change the probability of success.
Games of skill
Unlike events based solely on chance, when there is a level of skill needed, you can improve your chances of winning by learning more about the events and developing your knowledge and your ability to play appropriately when it comes to betting on them.
If you enjoy betting on football or horse racing, you are able to build your knowledge of those events and use historical data to better inform your decisions. Therefore, your actions can impact the outcome of your bet and also the level that his affects your bankroll and the return you get in the form of enjoyment.
Gamblers fallacy
This is where you look at previous outcomes on games of chance and make inaccurate assumption about the likelihood of future events.
For example, you see the ball land on black two or three times in a row. This can lead you to think “well it must land on red now”. This isn’t the case; each spin is independent and the odds of it landing on black or red are the same with each spin.
Therefore, you must remember not to act on the historical events of the games you are playing and make decisions based on the odds presented.
Understand your chances
Gambling will always involve chance and that is something that cannot be controlled. Whether you have an excellent knowledge of the events you are betting on or not, chance will have a part to play. Horses can fall at fences. Underdogs can play the game of their life to kills a giant. Expecting the unexpected should always be on the radar.
An important factor will be your staking. When betting on games more reliant on chance you should be using lower stakes. If you are an individual who is going to focus more on skill-based events, the time you put into learning and improving should be a fun part of the process and something which can improve your chances.
Further reading
Both games of chance and skill are enjoyed by many people and we ask that all players are sure to find out the chances of winning before participating. An important factor will be your staking. When betting on games more reliant on chance you should be using lower stakes. If you are someone who is going to focus more on skill-based events, the time you put into learning and improving should be a fun part of the process and something which can improve your chances which may increase your confidence.
