Every Gambling Fallacy Explained in 7 Minutes

Every Gambling Fallacy Explained in 7 Minutes

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// TIMESTAMPS //
0:00 hot hand fallacy
0:24 illusion of control
0:41 confirmation bias
0:59 availability heuristic
1:16 overconfidence bias
1:32 gambler's fallacy
1:54 anchoring bias
2:10 sunk cost fallacy
2:27 optimism bias
2:42 neglect of probability
2:57 loss aversion
3:15 representativeness heuristic
3:32 recency bias
3:51 selective memory bias
4:08 superstition
4:26 bandwagon effect
4:41 hindsight bias
4:57 near-miss effect
5:14 endowment effect
5:34 dunning-kruger effect
5:52 false consensus effect
6:11 status quo bias
6:29 outcome bias
6:45 planning fallacy

// RESEARCH //
Information is mainly sourced from Google and Wikipedia

// ATTRIBUTIONS //

Fist, Growth, Gambling, Confidence, Effort, Decrease, Investigation, Smile, Hope, Story, Probability, Example, Error, Similarity, Podium, Past, Dream, Statistics, Casino, Superhero icons created by Freepik.
Statistic icons created by HAJICON.
Personal-development icons created by Karyative.
All in, Loss icons created by Smashicons.
Lose icons created by tulpahn.
Anchor icons created by mavadee.
Business and finance icons created by cah nggunung.
Good luck icons created by Pixel perfect.
Recent icons created by laterunlabs.
Brain icons created by Smashicons.
Known icons created by Vectors Tank.
Random icons created by Parzival’ 1997.
Popular icons created by Eucalyp.
Winner icons created by Eucalyp.
Gambling icons created by Nikita Golubev.
Bribe icons created by agus raharjo.
Knowledge icons created by ultimatearm.
Strength icons created by juicy_fish.
Bet, Strategy, Choice, Idea, History, Risk assessment, Winner, Like, Clover icons created by Freepik.
Betting icons created by Smashicons.
Against icons created by Good Ware.
Optimistic, Strategic plan icons created by Freepik.

Flame hand by alvianwijaya.
optical illusion by Michael Senkow.
confirmation by Gülce Akdogan.
think by iconixar.
gambler by Kiran Shastry.
money loss by Purple iconn.
probability by Andre Buand.
miss by Adrien Coquet.
loan by Vectors Point.
casino by Vectors Market.
outcome by Marz Gallery.

[Icerecruit]

Poker was a bad example for the first one because as an aggressive raiser, you build a certain image, meaning that the events aren’t exactly statistically independent other than the cards themselves

[stoneyraps]

somebodies mad they didn't hit the jackpot

[typerskiswir]

What I absolutely love about this video is that it wastes 0 time, gets quickly to the point. Really appreciate that, its amazing.

[perovskite]

Lost? I call it learning experience.

Addiction? I call it dedication.

[thepeatboggy]

The hot hand fallacy is kinda more complicated in poker tho because the psychological effect of it being held by your opponents can help you bluff hands
Maybe this particular fallacy is more appropriate for blackjack or something

[Cookieboymonster]

One thing I have always remembered from my high school maths was in a class called Statistics and Probablities. The opening line of the subject was "Dice have no memory." They don't know that you're "due."

[CrabbyOldLady]

Neglect of probability overlooks a critical factor. How meaningful is the loss compared to how meaningful a win would be. Betting a few dollars on a lottery ticket makes zero difference in the life of the person buying the ticket. Winning changes their life forever. And even though they won't win, they get the value of their few bucks back in entertainment.

[fruitymario]

>Be me
>Loses it all at the casino
>Makes 7 minute video about every gambling fallacy
>Will go back tomorrow

[sgtigerj]

I have never felt so personally attacked in such a comprehensive* way in a single video 😭

[josuerojas]

I always feel afraid when "hot hand fallacy" comes in as a thought bc I pulled some blackjacks in a row, so when I start thinking that I know I need to leave

[username-roio]

I must thank you for adding some useful knowledge to my feed. Although YT these days is filled with stupid shorts, it’s good to see creators like you! Keep it up 👍🏻

[koalsmith]

I partake in pretty much all of these, not because I actually believe the fallacy but because it’s what makes gambling fun. I say one out loud and if the bet wins I get to call myself a psychic genius.

[chloemchll]

For the Dunning-Kruger effect in poker, I’d look to examples like the guy who decides that because he usually wins in a weekly home game where no one is playing seriously and the stakes are low that he should go to Vegas and play high stakes games (where, in practice, said player will get skinned alive by the pros who mostly populate said games and are waaaay more skilled than anyone he’s ever played before.)

[wascourge]

0:33 Technically if you were perfect at physics and could execute things perfectly you could control the outcome of a dice roll. Rolling dice is technically deterministic its just a chaotic system

[IVVIIVVII]

for a gambler. if you play this a 2x speed, it becomes a prescription drug advert for negative side effects

[justinrichards]

Its cool to think of how these apply outside of gambling too

[Window]

I go through all of these but we're up baby!

[gradusadparnassum]

Those who believes that the "hot hand fallacy" doesn't apply to poker have never sit on a PLO table when the stupid donk win two hands in a row with trash and starts raising with trash or they are the donk ones.

In any case you must apply some awareness to yourself, we always tend to be more confident in our cards after winning some hands in a row in poker and the AT-A9os utg is more appealing now that used to be when we first had it the hour before and don't have it in our range in this position.

[DiaJasin]

Watching this increased my EV and decreased my risk of ruin

[ayeeeayee]

The way somebody rolls the dice in craps absolutely has an effect on the game, same goes for spinning a roulette wheel the dealer does it millions of times a week