No matter how long you've been part of the iGaming industry, you must've come across your fair share of the so-called 'truths' regarding online slots. The thing is—some of those 'truths' (notice the quotation marks?) may in fact turn out to be nothing more than outraging myths. Let's take a look at some of the most widely dispersed misconceptions in the world of online gambling and investigate whether that's all they are—a fallacy.
Myth #1: Online Slots Are Programmed for 'Hot Streaks' and 'Cold Streaks'
Err, wrong. An online slot may indeed go on a hot streak during which it cashes out regularly over a longer bout of time. Likewise, it can also enter a period where it barely pays out at all. Still, that's not what the machine's programmed to do. The streaks happen entirely randomly and as an irregularity to what is statistically likely to happen. Just like each and every spin is completely arbitrary, these longer spells are, as well. Ultimately, the truth is: there are no streaks. (The Matrix much?)
Myth #2: A Slot That Hasn't Paid Out Recently Is Due for a Cash Out
This one is rather similar to the previous statement and, unsurprisingly, just as false. Since online slots are all completely random by nature, there is no way to know when their next payout will occur.
"Online slots are all entirely random by nature."
A slot hasn't paid out in a while? That's all fine and dandy, but it doesn't mean your next spin will be a big win. It could, but that's not how the slot's programmed. A random result is all you'll ever get. Which is a good thing.
Myth #3: A Slot That's Just Paid Out a Jackpot Won't Do It for a Long Time
Again, more of the same thing, but people genuinely believe these to be true. They aren't. A jackpot can happen at any time. Why? All together now: because every spin is entirely random. Simple as that.
Myth #4: Playing with Bonuses Lessens Your Chance of Winning
Here's an interesting one. Somehow it is thought that if you play with a bonus, your chances of winning money will be slimmer than when playing without one. Fortunately, this notion is wrong as well.
"Random Number Generators don't know whether you're playing with a bonus or not."
Random Number Generators cannot know if you're playing with a bonus or not and it's completely irrelevant whether you're using your own money or bonus money—your chances will always be the same. Simply put: the payout rate of a slot doesn't change just because you're using a bonus. That's it.
Myth #5: New Slots Are Launched for Variety
All right, this one is partially true. However, what's even truer is that online slot players are generally fickle—remember our blog/test about gambling types?—and prone to looking for a new slot if they're on a losing streak. Having an alternative is always a good idea and online casinos are happy to provide you with one. You have something to fall back on, the casino's revenue stream keeps on coursing and everyone's happy!
Any Myths to Add?
Your turn. Do you have any online gambling myths to add that we haven't mentioned? Are you guilty of believing any of the listed ones? Don't be shy, visit our forum and tell us your thoughts!