LOTTERY
7 Crypto lottery Myths
People tend to look for patterns in the chaos that surrounds us. This is one of the features that have made human species successful. But this behavior also has certain drawbacks, as people often tend to see patterns where there really are none, such as in gambling.
Moreover, this way of thinking is often encouraged by many gaming sharks to entice users to play more and bet higher than they should. Or even force players to pay for fictitious "systems" that allegedly help beat casinos or slot machines, or guarantee to win lotteries.
In this article, Lotterium will help you deal with the well-known gambler’s fallacies in crypto gambling. Let’s separate the myths from the truth about cryptocurrency lotteries.
Moreover, this way of thinking is often encouraged by many gaming sharks to entice users to play more and bet higher than they should. Or even force players to pay for fictitious "systems" that allegedly help beat casinos or slot machines, or guarantee to win lotteries.
In this article, Lotterium will help you deal with the well-known gambler’s fallacies in crypto gambling. Let’s separate the myths from the truth about cryptocurrency lotteries.
Myth 1: There are lucky / hot numbers in gambling and crypto gambling.
This is one of the oldest and most established gambling myths known as The Gambler's Fallacy, aka The Monte Carlo Fallacy. In 1913, the ball landed on the black roulette field 26 times in a row on one of the roulette tables in the Monte Carlo casino. Players who witnessed this, rushed to bet on red, believing that there was a very high chance that the ball would now land on red. And it eventually did 26 rounds later, but everyone who bet on red lost, and the casino took the lot.
People tend to see patterns where there are none. Players tend to think that the previous roulette spin or lottery draw affects the following one. But it’s not true. Probability theory considers each game event as statistically independent of the previous ones. No numbers are "more" or "less" suitable for betting, and your chances of winning do not depend on the results of other games. This is how the Lotterium crypto lottery works. Lotterium is based on lottery mechanics and guarantees a fixed 95% RTP for each and every game.
People tend to see patterns where there are none. Players tend to think that the previous roulette spin or lottery draw affects the following one. But it’s not true. Probability theory considers each game event as statistically independent of the previous ones. No numbers are "more" or "less" suitable for betting, and your chances of winning do not depend on the results of other games. This is how the Lotterium crypto lottery works. Lotterium is based on lottery mechanics and guarantees a fixed 95% RTP for each and every game.
Myth 2: Choosing the same numbers every time increases your chances of winning the lottery.
This is just a variation of the Myth 1. Some lottery players may use the same sequence of numbers every time they play, believing their odds are slightly better each time. But it's not true. Lottery numbers are selected at random, so each number has the same chance of being drawn in every game.
Something similar happened recently in Italy. From 2003, number 53 has never won in the Italian lotterries for two consecutive years. As a result, people rushed to bet large sums on this particular number, believing that if a certain number didn’t win for so long, it should come any moment now. After 2 years and 182 draws, lottery number 53 has finally been drawn. But the people who have been betting on it for all this time, have already lost 4 billion euros in bets.
Something similar happened recently in Italy. From 2003, number 53 has never won in the Italian lotterries for two consecutive years. As a result, people rushed to bet large sums on this particular number, believing that if a certain number didn’t win for so long, it should come any moment now. After 2 years and 182 draws, lottery number 53 has finally been drawn. But the people who have been betting on it for all this time, have already lost 4 billion euros in bets.
Myth 3: Players can spot “hot” and “cold” games in lotteries and casinos.
This is another variation of the Myth 1 that is popular among fans of the slot machines. Players watch slot machines for some time, and if the RTP of one of them is higher than usual, then this game is “hot”, i.e., it will yield higher winnings. And vice versa, if the RTP is lower than usual, then this machine or the game is "cold," and it’s best to avoid.
This myth is, again, based on the belief that the results of previous games somehow affect the results of future games. But games and the random number generator have no "memory," so this myth is unfounded. Separating games into "cold" and "hot" does not make practical sense and does not benefit anyone except casino and slot machine operators.
This myth is, again, based on the belief that the results of previous games somehow affect the results of future games. But games and the random number generator have no "memory," so this myth is unfounded. Separating games into "cold" and "hot" does not make practical sense and does not benefit anyone except casino and slot machine operators.
Myth 4: Betting at certain times of the day brings good luck
This is yet another variation of the Myth 1. The Lucky Time theory implies that the chance of winning at slot machines is higher at certain times, such as in the morning or on holidays and weekends. As with previous theories, this is completely unfounded.
We have looked at several myths, but they are really just different versions of the same myth, which is a false hope of predicting the outcome of the game. Now let's look at a few other myths that are just as popular among the players of online casinos, crypto lotteries and slot machines. Unlike the myths mentioned above, the myths we are about to reveal can be useful to players, so you'd better take note of them.
We have looked at several myths, but they are really just different versions of the same myth, which is a false hope of predicting the outcome of the game. Now let's look at a few other myths that are just as popular among the players of online casinos, crypto lotteries and slot machines. Unlike the myths mentioned above, the myths we are about to reveal can be useful to players, so you'd better take note of them.
Myth 5: It is impossible to win big in the lottery twice.
Funny enough, this myth originates from the same Myth 1 that the results of previous games somehow affect the following ones. As with all the above, this is completely unfounded. Just to remind you once again, the results of previous games have no bearings on the subsequent games. It does not matter at all whether you won or lost. Yes, the chances of winning two or more big prizes in a relatively short time are slim. But the probability of the following wins has no connection to the previous ones. So if you win big, remember that your chances of winning big next time are still the same, and you can just keep playing.
There are examples where people have successfully used math to beat the lottery system. Romanian mathematician Stefan Mandel in the 1980s noticed that in some lotteries the total number of combinations is much lower than the prize pool. For example, the total prize pool of the lottery was $10 million, while the total number of lottery tickets was less than 4 million.
Using a computer program, Mandel and a team of assistants simply filled out all possible lottery ticket options and won all major and minor lottery prizes. And using his system, in the 1980s and 1990s, Stefan Mandel made an absolute fortune of tens of millions of dollars in Australia and the United States. The police and the FBI were unable to prosecute Mandel because he did not break any laws. After this incident, the lottery rules were revised to exclude the possibility of applying all variants of winning lottery combinations.
There are examples where people have successfully used math to beat the lottery system. Romanian mathematician Stefan Mandel in the 1980s noticed that in some lotteries the total number of combinations is much lower than the prize pool. For example, the total prize pool of the lottery was $10 million, while the total number of lottery tickets was less than 4 million.
Using a computer program, Mandel and a team of assistants simply filled out all possible lottery ticket options and won all major and minor lottery prizes. And using his system, in the 1980s and 1990s, Stefan Mandel made an absolute fortune of tens of millions of dollars in Australia and the United States. The police and the FBI were unable to prosecute Mandel because he did not break any laws. After this incident, the lottery rules were revised to exclude the possibility of applying all variants of winning lottery combinations.
Myth 6: Smaller jackpots are easier to win.
This is the variation of the Myth 5. People tend to believe that it takes more luck to win big. In reality, the jackpot size, the number of players, and the size of previous winnings do not matter.
Myth 7: The odds of winning a progressive jackpot in the lottery are lower than in the regular jackpot game.
This is, again, just a variation of the Myths 5 and 6. People bring their emotions and expectations into the dispassionate world of numbers. A progressive jackpot is formed on the basis of a certain percentage of all bets in a particular game or in all casino or lottery games. The pool of a progressive jackpot is constantly growing and in large lotteries can reach millions and tens of millions of dollars. There is a common misconception among players that a big progressive jackpot is harder to win than any other type of prize. Especially if the jackpot has been recently won. Games with a recently won progressive jackpot are considered "cold".
And we at Lotterium want to emphasize that in any game of chance, past events DO NOT affect future events. It makes no difference whether it's playing roulette or going after a huge progressive jackpot in crypto lottery. The only thing to pay attention to is the size of the jackpot and not the time of the previous jackpot win. The larger the current jackpot, the higher your winnings can be, that's all.
And we at Lotterium want to emphasize that in any game of chance, past events DO NOT affect future events. It makes no difference whether it's playing roulette or going after a huge progressive jackpot in crypto lottery. The only thing to pay attention to is the size of the jackpot and not the time of the previous jackpot win. The larger the current jackpot, the higher your winnings can be, that's all.
Conclusion.
So, try not to fall for rumors and myths. Keep in mind that when playing legal and licensed crypto lotteries, the winner is determined only by random luck and a fixed RTP. Lotterium offers over 30 colorful slots of its own design, and is based on reliable lottery mechanics. Lotterium online lottery is more than just fun and games. You can try your luck and get the opportunity to increase your cryptocurrency holdings quickly and legally.
