Gambling hot streaks

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Gambling hot streaks online gambling games skill Why a lack of X appeal shouldn't put you off. The top gamblershowever, have often turned to science.

But they are not the result of luck. They can win only by beating the odds, and—over the long term—the odds cannot be beaten. But what about the short term? Conversely, many also believe bad luck is sure to reverse itself not merely by reverting the mean, as a statistician would predict, but to the extent that the gambler will recoup his losses.

Non-gamblers might reasonably assume both approaches to be equally fantastical. But research by Juemin Xu and Nigel Harvey at University College, London, just published in Cognitionhas shown that in some areas of gambling hot hands do actually exist. Punters who continue to punt after losing do not even manage to revert to the mean. Using the power of the internet to round up a huge sample, the two researchers examinedbets streaks by streaks on sports such as horse-racing and football.

Because these were online bets their timing could be established precisely. Ms Xu and Dr Harvey looked at winning and losing streaks up to six bets long. After that, the streak took off. The explanation of the puzzle, Ms Xu and Dr Harvey found, was not that Lady Luck actually does smile on winners and frown on losers.

In contrast, those who had experienced a losing streak went for ever spotlight bets, making it more likely the streak would continue. Hot hands, then, are real. The moral is list all gambling sites believe in maths, not luck, and probably not to bother betting in the first place.

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A fascinating new study on online gambling published in this month's issue of Cognition comes to an unexpected conclusion: winning a bet. Loosely defined, the hot hand, better known as the hot-hand fallacy, is the The losing streaks should be familiar to problem gamblers and can. Maybe you're not a gambler, but you probably have a grasp of the concept of a "hot hand" or a lucky streak. I've wondered before--is this a real.

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