Cognitive distortions, sometimes also known under the English term “cognitive biases”, describe a malfunction in perception, memory, thought processes and also in judgment.
While cognitive biases are part of every human being, they can help us make the wrong decisions in some situations – especially when it comes to gambling, we should therefore be aware of the various fallacies so that we can better avoid them.
Everyone knows the following scenario, for example: You are sitting at the slot machine and have a long dry spell behind you – as a result, some players think that based on past results they should finally make a profit game judi slot online Malaysia – but when we go inside, we all know that Automata and chance have no memory.
There are many cognitive biases – events as just described lead players to make wrong decisions. Therefore, in this post we would like to draw attention to the various cognitive biases that could negatively affect our game.
The gamer’s fallacy
The 1bet2u casino example is likely to sound familiar to many players. The gambler’s fallacy, also known as gambler’s fallacy, states that a random event that has not occurred for a long time is more likely to occur. Or vice versa: a random event that occurred recently is less likely to occur again shortly afterwards.
We all know instinctively, of course, that chance has no memory. Even if we get heads a thousand times in a row with a coin toss, the chance of getting tails the next time is still 50% – the probability cannot be reduced by having heads hit so many times in a row is.
The fallacy of optimism
The fallacy of optimism, also known as optimism bias, instructs players to overestimate themselves or to underestimate the likelihood that something negative will happen to them themselves. This fallacy becomes clear when you place bets on your own team.
When an underdog team plays, there is a high probability that fans of the team will still rely on their team, even if all the facts speak against it. This is a consequence of the optimism bias that causes some people to overestimate themselves and take risks that they shouldn’t be.
However, the optimism bias can strike in many areas: whether smokers, bungee jumpers or stock market traders, many think they are inviolable and that others in their field are at higher risk than themselves.