Hot hand is a Western believe that once a streak happens, it will likely continue. This was attributed to NBA legend Walt Frazier.
As far a we know we had believed in dragons (hot streaks) for ages. When there is a dragon on the baccarat table in Genting, we could not even squeeze in to place our bet. For our Western readers' knowledge, bets can be place even if you are not a seated player of the table.
Behavioral science had found the answer to this universal behavior of gamblers. It is such an old paradigm that even ancient monkeys believe and practice it.
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Following this analysis, other animals practice hot hand too.
ReplyDeleteIt is sad to say that some older slots players believe in this so much that they will stay at a hot slot machine for so long they end up peeing themselves right on the casino floor... or worse. Truth is that hot steaks when it comes to random numbers is a fallacy.
ReplyDeleteMy countrymen are the same but they don't pee their pants. We don't think of random numbers for slot as fallacies. We believe that there is a required percentage of payout after having gobbled x amount of coins. If the machines are going to keep eating coins nobody will play it.The more money a machine takes without payout, the more it will cough out in a streak. I think it works they same for you too. These machines may be in Malaysia but their supplier such as "Bally" have an international market.
DeleteIt is all about gambler's unwritten etiquette. Let's say I pumped 1,000 into a machine. Who gives you the right to reap the fruits of my labor just right after I leave? So there is a practice to put the machine on hold for my use later as part of courtesy to a fellow gambler. To indicate that the seat is taken the chair is usually turn up-side-down. The attendant will keep track of the person who put the place on hold. We can put our machines on hold while we relieve ourselves and even sleep for a night. In the coinless environment today, nobody will seat on a machine with a credit balance. Your neighbors will watch it for you. If we need to leave for a longer period we need to inform the attendant.