Luck: a dominant factor in gambling then skill.

[letteredhub]

So I came across this post by iv4n who shared how he won his bet he didn't intentionally placed but out of mistake.  I wasn't surprised although because it's all luck and luck can happen to us in unexpected ways.

But my main reason for lighting out this is because I have constantly emphasize in my posts that winning in gambling is dominantly a factor of luck (a perspective some persons disagree on) and not about how skillful and knowledgeable you may subscribe yourself to be. Luck in my opinion contributes a 98% determinant role while skill could contribute to a 2% to our winnings.

Using iv4n experience below. Do you guys agree with this, that luck goes before skill/knowledge in gambling?

https://bitcointalk.org/index.php?topic=320959.msg64450402#msg64450402
A bit of luck for a change...


I wanted to chase x2.75, but looks like I mistyped and I played x75... by the time I saw it and clicked stop, I won a bet and lost just one bet after that win. Is that luck or what?

I deposited 1 mBTC, and now after a few minutes, I am x5 my deposit... looks like it will be an interesting evening. Good luck all, and have fun gambling!

[Agbamoni]

Damn, this is so much loss. I wonder how he keeps up with the motivation to continue gambling hoping to win someday.

Gambling is all about luck i don't need a foreseer to tell me that I should not put my hope on the fact that I am conversant with a particular gambling game or I am good at predicting in gambling. The truth is if we spend so much effort in analyzing games before we gamble or we do not pay any attention and choose a random pick. The result of wining is all based on luck and not our knowledge, experience or intellectual.

[GreatArkansas]

If the platform fairness is built really correctly and fairly - that's pure luck plus they are transparent about their fairness so we can verify their fairness then we can trust the platform.
Even you say it is x75, there's still small chance of winning, I tried before, even I am around 40% winning chance on a dice, I was able to have consecutive 10+ losses.

[Frankolala]

Luck plays a major role in our lives and in our gambling activities because if you are not lucky, you will not win or make profit from gambling. No one understands how gambling works in our favor if not most gamblers will know when to stake with huge amount of money to win big.

No matter how knowledgeable and skillful you are on your best game, when you are gambling with the intention of you are experience in the game that will not make you know when to quit the game because you believe that you have improved in your skill or have learnt a new skill on which you can use to make profit.

[Rruchi man]

Do you guys agree with this, that luck goes before skill/knowledge in gambling?

Even without skills, it is possible to win from gambling based on luck. Without luck, your skills in a particular game may still not be enough. I already that luck indeed is more of a dominant factor than skills even in skill-based games.

That a game is tagged as skill based dose not mean that luck is not needed to win, it means that skills and not just luck play a key role, unlike luck-based games where everything may be 100% based on luck.

[_act_]

This is dice which is a casino game. There is nothing skillful about most casino games. If talking about skills, that should be sport betting. Casino games are pure luck. If you use strategies, if failed it will result to more losses. But in sport betting, there is still luck involved.

[alegotardo]

So I came across this post by iv4n who shared how he won his bet he didn't intentionally placed but out of mistake.  I wasn't surprised although because it's all luck and luck can happen to us in unexpected ways.

But my main reason for lighting out this is because I have constantly emphasize in my posts that winning in gambling is dominantly a factor of luck (a perspective some persons disagree on) and not about how skillful and knowledgeable you may subscribe yourself to be. Luck in my opinion contributes a 98% determinant role while skill could contribute to a 2% to our winnings.

Using iv4n experience below. Do you guys agree with this, that luck goes before skill/knowledge in gambling?

https://bitcointalk.org/index.php?topic=320959.msg64450402#msg64450402
A bit of luck for a change...

Yes, I agree with you because the results you presented are from bets made on dice games, correct?
What is the skill behind this? Practically none!
The only thing the bettor can do wisely is manage the risk and the amount of money he will spend... increasing or decreasing bets depending on the results, in order to cover a loss, minimize damage or leverage a moment of luck.

Unlike sports games where you need to know the event and your opponents well, in a dice game there is nothing to "study" because we know that a die has certain numbers that never change and what the probabilities of a result are.

[OgNasty]

I don’t think accidentally placing a bet and winning is an expression of luck. That’s just stupidity that happened to work out in an unexpected way. Luck, is just the expression of beating the odds and when it comes to gambling the odds are against you (with the exception of low odds events) so if you win against the house, you are technically getting lucky.

[Mia Chloe]

Fact is gambling depends on luck no matter how much we try to put it. Luck is a very important factor even for a game to be regarded as a gambling activity in addition to the fact that staking should be involved. Anyways this is not to say that it is not possible to become skillful in a particular game. although gambling activities require luck , overtime gamblers can become good at certain games and gambling activities hence increasing their chances of winning.
However experience still depends on the kind of game or gambling activities as things like sports predictions require more of luck than experience.

[TelolettOm]

Using iv4n experience below. Do you guys agree with this, that luck goes before skill/knowledge in gambling?

Is he addicted to gambling? So he still persists and continues gambling even with a series of losses? This is painful, but it doesn't seem like it will make him stop. This is not "fun gambling" but if it were me, it would turn out to be "stressful gambling depression"

Then, does luck apply especially to beginners at the beginning of their gambling? Whereas if they have started depositing again, then they rarely get that luck?

That's why there is a term, "beginner luck"


Source: Beginner’s Luck

Does this have anything to do with the odds setting that they set high luck for beginners at the beginning of the game?

If the football score can be set, do you think luck can also be set as if it has been managed by you when you will get luck and when you won't by the odds?

[Troytech]

Do you guys agree with this, that luck goes before skill/knowledge in gambling?

Gambling is a complex act because several factors contribute to winning in gambling. It could be skill, knowledge, experience, and luck but among all luck contributes 95% to every win a gambler has in gambling. The reason for saying that is because, even the most experienced, knowledgeable gamblers who spend time analyzing in making the right picks ad predictions most times encounter bad luck streaks which leads to losses. On the other hand, someone who is new to gambling could sometimes experience unexpected wins due to luck, not because of what he knows or a one-time favor from the casino the newbie.

However, this doesn't stop the fact that if skill, knowledge, and experience are combined with luck a gambler can be more successful than other gamblers because all those factors help mitigate wrong decisions and addictions which will create more winning opportunities.

[Popkon6]

But I think luck and experience both complement each other in gambling, you'll notice that a new gambler has very few wins at first. But when the gambler gains experience in gambling and enters gambling, luck and experience lead to winning. If there is no luck in any man's fortune he can never win, be it gambling, gambling always depends on luck and experience. 

But I think the difference is manifested in the case of an addict, a gambler when he is addicted to gambling and suffers losses. And if they try hard enough to get that money back immediately, they lose even more money, at some point the gambler goes crazy because of losing money. Even though he is experienced and has luck, he makes repeated wrong decisions due to which the addicted gambler loses.

[Rockstarguy]

If winning gambling was mainly bu skill and knowledge I don't think their will be gambling company because many companies will run out of money because gamblers will get the best skills and knowledge to make sure they win every game they stake. Gambling is all about luck which you can't predict,  though having gambling skill and knowledge is important but it is not a guarantee for one to win gambling easily.  The skill and knowledge only helps gamblers to know how they should gamble to reduce the risk of losing money.  Gambling is a game of luck and for those who understands this they play gambling with ease with the money that they can afford to lose.

[letteredhub]

I don’t think accidentally placing a bet and winning is an expression of luck. That’s just stupidity that happened to work out in an unexpected way. Luck, is just the expression of beating the odds and when it comes to gambling the odds are against you (with the exception of low odds events) so if you win against the house, you are technically getting lucky.

Acting stupidly is far different from making a mistake, and when it comes to making mistakes generally no individual is above making one. Nevertheless, stupidity or not, luck took place. I strongly doubt if there's any technicality to go about in getting lucky because a gambler can try as many times as he wish with all strategies but if he's in hard-luck every attempt would be futile, at most  a near success-win would be his experience even with a small size odds

[Wexnident]

~

Always has been about luck? I'm never going to understand what people say about how gambling is all about "skill" lol. In poker yes you can have bluffing and stuff be considered as skill but in slots, dice and whatever? Bro, me pressing the start button with my ass could probably get the same results as literally anyone else. I also wouldn't really consider knowing how to manage your financial capability skill in terms of gambling, that's outside of it I'd say.

[Questat]

That’s a tough losing streak, and with a dice game, it’s inevitable since the results come quickly. Speaking of skill, there’s no such thing when it comes to dice, as it’s purely a luck-based game. The only skill you can apply is in managing your bankroll and knowing when to stop so you can be profitable on some occasions. However, if you’re a regular gambler focusing on dice, you shouldn’t be surprised if you lose in the long run—that’s normal due to the house edge that the casino has.

[Fivestar4everMVP]

So I came across this post by iv4n who shared how he won his bet he didn't intentionally placed but out of mistake.  I wasn't surprised although because it's all luck and luck can happen to us in unexpected ways.

But my main reason for lighting out this is because I have constantly emphasize in my posts that winning in gambling is dominantly a factor of luck (a perspective some persons disagree on) and not about how skillful and knowledgeable you may subscribe yourself to be. Luck in my opinion contributes a 98% determinant role while skill could contribute to a 2% to our winnings.

Using iv4n experience below. Do you guys agree with this, that luck goes before skill/knowledge in gambling.

I definitely agree with you, because this is exactly the same thing I've always advocated ior preached in my comments when it comes to discussion about luck, skill and knowledge in gambling.
Though I do not agree with your rating or ratio of luck and skill in a skill based game.
There are majorly three type of gambling games in gambling being..
1. Luck based
2. Knowledge based
3. Skill based..

For luck based games, we can say that the gambler relies on luck 100 percent to be able to win a game.
While for knowledge based games, since the future outcome of the sports game like football is usually hard to predict at time, let's just say that luck contributes 80 percent while the gambler's knowledge contribute 20 percent to the gambler's winning.
While in skill based games, a player without skill can not beat another player with great playing skill regardless of Lucky the player without skill might seem to be.
Its like a person who does not know how to drive a car, but went into the driver's seat, and start the engine of the car and expect luck to drive the car for him, you and I know that is not possible.
So, in a game that requires a player's skill, I would say that luck contributes 50 percent to the player's winning, while the player's level of skill contributes the remaining 50 percent.

[Apocollapse]

If you paying attention with the amount he stake, he use martingale strategy with different rate. In martingale strategy you supposed to double your bet, but he only increase 36% of his previous bet.

Yeah it's a mistake if he wanted to chase 2.75x instead of 75x, but a complete mistake since he already use his own strategy.

I'd say it's a mistake when someone wrongly place the amount he bet like $100 instead of $10, max bet etc.

[Hirose UK]

Not everything will always depend on luck, just look at how poker works or some other card games and also various sports betting, if all of this only relies on luck then there will be no gamblers who learn to analyze and increase experience or knowledge.
In reality, luck is the most dominant factor in achieving victory in gambling, but it will only play small role for some types of bets so it can be concluded that in gambling not everything must be associated with luck.

So far I have tried it myself, betting on sports only relies on luck by choosing bets randomly to get bigger odds, but several times trying everything always fails.
We will never be able to rely on luck in betting or games that do have basis of skill for their completion.

[dansus021]

Luck: a dominant factor in gambling then skill. To be honest I also agree with you Luck factor is 98% in the gambling word heck it could be up into 99% and rest of it is skill In my opinion. Tho some people are not 100% agree with my opinion because some skill also needed when they gamble in certain sport gamble.

But there is a case that some team who good at sport and their winning rate are high but they still lose at the end of game so even tho there is small chance luck is there haha