Luck: a dominant factor in gambling then skill.

[stomachgrowls]

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!

Well, this is really just that a normal day here on gambling space specially on games on which it is really that truly relying about on luck all the time. We do know that casino games like dice,crash,slots and other similar
games would really be giving out that total randomness about into the results that it would really be showing up and this is why it would really be recommended that you should really be making yourself not thinking
that you could really be able to apply some strategies out of it. Basing up on the image above then this is simply a hi-lo game and chasing up that huge multiplier. We do know that as long the odds wont really be
going 0% then there's always the chance on hitting up that point and of course we are dealing on game on which its really that heavily relying with luck.

100% luck you would really be needing up with these kind or type of games but in speaking about sports betting and those card games then this is where you would be able to say that
you would really be needing up that kind of strategy on which this would be increasing up your winning chance. You would really be able to tell the differences in between type of games
on which you would be finding out on which one would really be heavily relies on luck and which one is really needing up that strategy.

[Akbarkoe]

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.

In casino games it's all fully 100% luck, there is no skill that can help you with predetermined bets.
I'm surprised some people talk about skill and strategy when they play dice or slots, common, there is no such thing, you're lucky or not, just as with the lottery, you might stumble upon a situation where temporarily your "strategy" aligns itself with luck and winning but this will not prevail long, randomness will turn it 180 degrees sooner or later.

If we talk about other games, like blackjack and poker, yeah, we obviously have luck there as well as you won't beat others while constantly having bad cards, but at least here there is a thin about skill, unlike slots where you can earn with no skill this becomes almost impossible in poker.

And then we have sports, of course, it's about luck but again, at least here you have options, you can hedge your bets, you can apply strategies where you spot discrepancies, and most importantly you can apply your knowledge of the players/teams. Luck will obviously be a factor but again, this is a part of gambling where not knowing what you do will definitely come and bite you and your pocket.

Anyhow!!!!!
He was playing some sort of martingale strategy but mistook the multiplier,  this is only a way to lose money in the end, of all gambling strategies this is the one that has been proven a billion times to be a money pit.

I do agree with you on some points, especially when it comes to games like slots or craps. The outcome is totally random and no skill can ever influence the outcome because these games are completely luck-based.

But if we consider blackjack or poker, luck is with no doubt needed but also there's some level of skill. The scale does not tilt in favor of skill to make sure that a win is guaranteed all the time but it can be tilted by the skill aspect over the expected value.

In sports betting, as mentioned, the skill to luck continuum is present. Knowing who the teams and players are plus appetizing statistical data definitely works to your advantage. At the end of the day fortune will still play a part but with a capacity to apply what one knows and some level of strategy, it helps mitigate risk (wager) and tilt scales towards winning.

As for the Martingale strategy, you are right; such a strategy can be too risky and often result in big losses. While this strategy might appear to work fine over the short term, over a more extended period of time, such factors as randomness and inadequacy of funds conspire against it.

[Oluwa-btc]

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.

You're definitely correct and this is why making gambling as a source of income by some gamblers is a no fore because it's basically on the chances of lucks and if your not lucky enough to be hitting bigger wins you'll definitely not have anything to go home with and it'll surely keep you on regrets and depression.

It is a necessary factor to consider and have at the back of one's mind when going into gambling that what dominates gambling is higher chances of luck rather than skills,you can put up whatever strategies inorder to win but if luck is not on your side you'll be so empty and frustrated, imagine putting much funds and loosing it when luck is not on side.

[Alpha Marine]

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 agree that luck comes before skill or knowledge when it comes to gambling but it's not as high as 98% to 2%. It's not that straightforward. It actually depends on the type of game you're playing. If you're playing a game like rolling the dice or tossing a coin, I can even say it's 100% luck because there is no way of knowing which part of the dice or coin will appear. But when it comes to sports betting, I can say that it's 70% luck and 30% skill. You can't win sports better if you don't know what you're doing, maybe you can get lucky once or twice but that's it. The people who win the best in sports better need to put their skills to the test. That 30% skill is very important.
If you want to win in sports betting, you have to take your time, analyse the game and listen to your intuition, you also have to follow the sport to a certain extent to be good at it, that's knowledge.

[BIT-BENDER]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

[Cryptoprincess101]

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.

Winning in gambling is mostly by luck just like gambling is a game of chance, so no matter how skillful you are in gambling if you are not Lucky you will hardly win. Even those that calls themselves experts, if you follow up most of them you will find out some days are very bad for them and their predictions may not work within those periods so those are unlucky times, but when they are in their lucky days it will look like their predictions will not fail but do not be deceived, winning in gambling is a product of luck, if there's no luck there will definitely not be much winnings.

[mvdheuvel1983]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

In the game of gambling I think luck is more than the percentage you have given right now because one needs great luck to be able to win in gambling regardless of the skill of such person. The system has made the gambling to be so difficult that you don't even understand the pattern they will introduce the next day after you must have left the system. Sports betting appear easy but once you start gambling you will get tired of doing analysis because you will be disappointed to realize that your bets will always go a different way that you never expected. Anyone who wins big in gambling should just consider himself lucky because luck played a vital role in his winning.

[Sandra_hakeem]

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.

That's just it! You don't even need to be trying other ways to get that right, or to be too logical about it... It is what it is...
He couldn't have it more than once if he were to keep making the next 20 tries or so... That's exactly the reasons why we don't gamble on one single option all the time..

Luck in my opinion contributes a 98% determinant role while skill could contribute to a 2% to our winnings.

That's not true... If the ratio and percentage were to be that small, people won't win that often, neither will anyone conjoin a set of small odd to secure a win. So, it's definitely a 70 - 30%
Edit:

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

The thing is - you need to be skilful to be lucky!

[uneng]

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

Yes, gambling is a game of luck. You have to be lucky to profit on short run and quit before the house edge of the casino catches you. Another clear example is the lottery game, where a single gambler wins a millionaire prize alone. That is achievable only through luck and it's likely to happen only in a lifetime, while the vast majority of gamblers are going to lose their money, doesn't matter how much money they gamble and for how long they do this.

If you are skilled in something, use your skills to work and make an income from your job, because if you use your skills to gamble you are just going to waste money and get frustrated after all. Meanwhile, a non-skilled, but lucky gambler will win the jackpot. And for those who continue trying to go against this logic, there is nothing, but suffering and losses ahead.

[Slow death]

In my opinion, luck plays no role in sports betting and card games. There are cases where people say they bet on team X and won thanks to luck. But they are wrong. If they had not analyzed both teams, they would not have won. Even in situations where people say they chose the team randomly. In fact, they looked at the value of the odds, looked at the name of the team, whether it is a big and popular team name or not and then placed a bet. This is a form of analysis. That is why I do not believe in luck in sports betting and in the case of card games either. In card games, only skills work. Now in slot games, dice, lottery, only luck works.

[mirakal]

What I see in the OP and what we all know about gambling is that luck is more dominant than skill. Sometimes we wonder why we win when our bets are not taken seriously, but when we think we win, we lose. This explains why we need luck to win, while skills have only a small contribution to make. 

That is the fact that we can never change, even if we've been gambling for many years, our chances remain low, and I believe it is enough to think that we lose more rather than win more. That is why we should not think we can multiply our money through gambling; whether we like it or not, that is unlikely to happen.
 

[Smartvirus]

Well luck do govern the most part of the game. Even in a game where you can apply some skill and know how, the luck factor is always there to ensure things go according to plan as, the best teams could have there worst games when you never thought it possible. Luck is the factor that could bring about this turn around so, its absence is what makes skill pays off.
He made a mistake and went for an x75 multiplier, a lucky win indeed but, be reckless in the rest of the game and you would be met with a good more number of losses still.

[AmoreJaz]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

In the game of gambling I think luck is more than the percentage you have given right now because one needs great luck to be able to win in gambling regardless of the skill of such person. The system has made the gambling to be so difficult that you don't even understand the pattern they will introduce the next day after you must have left the system. Sports betting appear easy but once you start gambling you will get tired of doing analysis because you will be disappointed to realize that your bets will always go a different way that you never expected. Anyone who wins big in gambling should just consider himself lucky because luck played a vital role in his winning.

The game in question is dice, so we all know that this game is based on luck. He was just lucky to mistype the x75 and got it right. There's no other factor on this but pure luck, there's no strategy on this to achieve such results. So you don't need to overthink when it comes to this type of game. You are just stressing yourself if you will pursue this game deploying your tactics.

[wheelz1200]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

For every game that percentage moves.  For slots it's pretty much 100% luck and on the other side like poker it's more of a skill based game, where you dictate your path forward.  Games like sports betting and blackjack will be somewhere in between there.  But rest assured everything but poker is going to be mostly out of your control and in the hands of the luck gods

[Darker45]

That's dice. That can never be a game of skill. As far as dice and other random games are concerned, there is practically no strategy by which you can tilt the winning probability in your favor. At most, you can employ strategies that would have your money last long. Apart from it, the house will always have the upper hand because of the house edge. So while you can be lucky, the logic of arithmetic actually says you are designed to lose.

[Jody.Drummer]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

I agree with that, although some gambling games require skills but it still involves luck so luck still holds more control over victory than the skills possessed by each gambler. with games that require skills I am sure that everyone who makes sports bets has their own skills but not all can succeed in getting that victory because there is a side of luck that still plays a role in determining the win or loss of the bet made. some people do not have the skills to make bets and maybe they only think about winning, but this will only make them lose more money when they only think about winning, so we should not only focus on winning, but we must also be able to see the side of luck that plays a big role so as not to gamble continuously because this is what usually happens where gamblers force themselves to continue gambling without seeing the side of luck that is not on their side.

[betswift]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

Yep, lady luck is present everywhere for the most part, and takes most of the spotlight with it Each of us decides for himself how to react to that and how it affects our experience.

[Yatsan]

Luck is 70 or 80 percent while skill is the rest, you need to have a great deal of luck to be successful in gambling. This days all I do is learn the rules and how to play if it's a game I haven't played before and after that the rest is luck. Also In sport betting you may follow the odds, do all the analysis but it still boils down to having a great deal of luck in other to be successful at it .

I totally agree to, when it comes to gambling, especially with games of chance such as roulette and slot machines, luck does play a big role since most of the outcomes are random. While knowing the rules and procedures will further sharpen one's mind into making decisions, eventually increasing the chances, still, luck is a big issue. This goes differently in the case of sports betting. Information that allows one to analyze the possibilities and come up with strategies for making predictions that are likely to be accurate is thus very useful a. Due to the effect of injuries, weather conditions, and decisions of the referees, sports events are inherently unpredictable and combine to add some interest. While short-term results can be quite variable, skilled strategies and disciplined portfolio management can yield positive results over time. In the long run, both casino gaming and sports betting are a balance of luck. Though strategies on luck will work out with the odds, it shall eventually be a game of luck.

[Don Pedro Dinero]

Luck in my opinion contributes a 98% determinant role while skill could contribute to a 2% to our winnings.

You don't get it. Rather, if the house edge is 2%, what you call ‘luck’ are short-term results. The more results, the bigger the sample, the more likely you are to lose 2% of your stake (compounded), and there is no such thing as luck.

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. <...>

It just doesn't make sense to use ‘strategies’ in casino games. It's like finger-snapping or things like that, which give the believer a false sense that they are going to get lucky.

[Mate2237]

Casino games are autopilot therefore there is nothing like skill there if you roll or play to the game(s) programmed to win then you are lucky. Casino games are rotational and in the process of dicing, rolling the game. The games that program to lose are more than the games to win. And if you jam the line that you can win small amount plus big amount then you are lucky.

I didn't see any skills in slot, spin, crash games except live sport games. In live sport games you can think which of the team can win the match and check the previous games to see if they have done well in the past. Though that can fall too. But at least it give confidence to place a bet. The skills and technics in gambling can only be seen in sport  games.