If you're into betting, you might've heard more than your share of nonsense, tomfoolery. Outright myths. Many bettors feel that they understand mathematics and statistics. Often they don’t. This lets them fall prey to incorrect information. If you've ever read a good betting blog, you know from the reader comments how some people carry around a lot of misconceptions. Let’s explode some these myths, shall we?
- Parlay bettors who like to bet the total and side should take the over on the favourite or the under on the underdog. You win if the underdog stays close for most of the game, at which point the favourite should pull ahead, covering the over. If the under can keep the favourite from scoring, the odds are you’ll cover. Unfortunately, research indicates that the underdog plus over occurs more often than the favourite plus the over.
- Dice get hot. This is true if you light a match underneath them. Otherwise….. I know, I’ve been in many a game where it seems that seven disappears, except when coming out. Obviously, the dice are hot, right. No, you're just in the midst of a random event that's paying you money. Don’t forget, your dream roll is a nightmare for the don’ts. So your hot dice are someone else’s icicles. In the long run, the house is going to take all your money unless you practice very strict money management – quit when you're ahead. Don’t lose a dime more than your pre-established limit.
- Hedging lowers risk. This is sort of true. In reality, you're just betting against yourself. The alternative is to lighten your primary bet. Don’t forget, the house is collecting vigorish on both sides of your hedge. You can achieve the same payoff by just cutting your initial bet and not hedging. This way, you slow down the house’s take.
- Never bet against “virgins”. By virgin, we mean a young lady who's never bet the game before, whether roulette, craps. The ponies. In some games, her bet is public. She’s put $5 on the come line. You put $5,000 the same way. I’ve seen this work a lot. I’ve seen this fail even more. Worst of all, the young lady will have no idea what she's done to you. Oh well, it’s only money.