Netflix is, without a doubt, one of the most preferred streaming services for movies and series. One of the series you can stream is “Money, Explained,” a docuseries released in 2021. The series created by Vox Media is a continuation of the series “Explained.” This article looks at the insights given by the “Gambling” episode of the series.
Money, Explained series aims to showcase situations that involve money. After watching it, you will understand what happens with student loans, credit cards, retirement, and getting rich quickly.
This article focuses on the “Gambling” episode. The episode reveals much about casino operations, including the tricks they use, casino games, and winning. If you usually enjoy online blackjack at Joe Fortune Casino, you will learn a lot from watching this episode. Let’s dig in!
Do You Love Seeing a Gambler Win?
It is easy to empathize with a person suffering because of the probability of something terrible happening to both of you. However, empathizing with someone who won a $500000 jackpot playing slots does not seem natural.
On the contrary, people tend to experience enjoyment when others suffer. This human trait is referred to as Schadenfreude. Studies have shown that this phenomenon can be attributed to disgust and envy.
This is true for eSports games such as Call of Duty: Modern Warfare II. No player loves to see their opponent win. We all want to the hero; the winner!
The Law of Large Numbers
According to this episode, gamblers can beat the odds of a casino in a short time. However, it reiterates that you cannot escape the consequences if you play for longer.
Casinos usually curate this overwhelming situation so as to keep making massive profits and grow their businesses. If you were wondering why you keep playing, you would get the answer from the idea shared in the episode – gamblers have an insatiable urge to get something from nothing.
This notion is prevalent in casino culture and can easily water the seed of addiction. The urge to get something from nothing can push you to lose everything.
Naturally, we usually believe that after a series of bad things happening, good things are on the horizon. This is popularly known as the “light at the end of the tunnel.” But, if you believe this, you might fall into the gambler’s fallacy trap.
This idea suggests that once some events happen continually, the probability of them happening in the future is minimal. As a result, you will see gamblers stuck on the same bets at the casino. They believe that their chances of winning improve if they wait for the number or color to change. However, this notion is false!
Envisaging and Understanding your chances
When you enter a casino game, you don’t know the infinite number sequence developing before your eyes. What do people mean when they say gambling is a game of chance? Well, this statement implies it is impossible to know where to position yourself in the infinity of numbers and choices to know how to bet and win.
In such situations, the illusion of control takes over, and you are convinced that everything will be as you strategized. However, it is just a defensive mechanism protecting you from internal conflicts. However, when you exploit it, it usually turns its ugly side toward you.
Chance is Math; Winning is Magic!
What’s magical thinking? If you have a favorite or “lucky number,” wager on red for the 10th time because the next hit will surely be red or carrying your lucky charms to the casino, that’s magical thinking!
This kind of thinking is a result of the illusion of control or the gambler’s myth. In a true sense, magical thinking shifts the responsibility from you.
Believing that you are the one to win is self-centered and makes winning more critical. Apart from wanting to be correct, gamblers also want to be unique, and casinos know that and would want to exploit it.
This is the situation where the gambler wants to keep going. It represents a meditative state where the gambler feels content to feed the machine with money until they win or run out of money.
Simply put, the games and small amounts of money gamblers win are virtual! Here, you need proper bankroll management to avoid any negative effects of “The Zone.” For example, use a reliable payment method and have limits for your wagers.
If you are a gambling enthusiast, watching the “Gambling” episode of the “Money, Explained” series will be worth your while. While the Netflix series and movies you can stream are many, this is an excellent option. On the other hand, if you watched this episode, what did you learn?