Casino gaming is an interesting phenomenon. Whether people are playing slots or placing bets they are fully aware that they are taking a risk. Those who opt for games with a low chance of winning mainly have their eyes on the big prize and don’t care about the abysmally small odds. More strategic players try to work around the unpredictability and manage or mitigate risks as much as possible.
One area where risk isn’t tolerated at all has to do with the choice of operator. Players don’t want unpredictability in this department and want to play on sites that are fully safe. This means they want a site that is licensed, regulated and has positive feedback on user forums. Additionally, operators who can process withdrawals in under 1 hour are deemed the most secure. In other words, fast payouts are a highly relevant feature for picking an online casino. Weighing risks is also common in the world of gaming and we will explore some of these behavioural parallels in detail.
Ways Players Mitigate Risk in Gambling
Just because people play luck-based games a lot, doesn’t imply they like the risk. Risk makes the whole thing more exhilarating, but everyone is looking for the highest reward at the lowest risk possible. As stated gamblers are very careful when picking an operator and they opt for a casino rated and reviewed by the Wagering Advisors CA team because they are unbiased in their evaluation. Even casual players use tactics that can improve their odds.
They try to time their game sessions to snipe hourly or daily jackpots. They look for games where one team is the absolute favourite and then look for sportsbooks with the best odds. The problem can occur when players win a few times even in high-risk bets. The size of the reward can cloud their judgment and they begin to chase that feeling.
Additionally, slot players are often convinced that slot machines are calibrated to spit out jackpots if they play long enough. As a result, slots that have high jackpots are usually the most played games even online. The obsessive chase for jackpots and winnings is what creates problem gamblers, and that’s when risk awareness is practically nullified.
Risk-Reward Behaviour and Decision-Making in the Gamer Community
Even video games incorporate RNG elements in their design. Players aren’t too happy about this because they can’t work towards a specific goal, but rather do things over and over until they get what they want. That being said, developers use this randomness to monetize the game through loot boxes, card packs, and other assets. These purchasable spit out random rewards and many compare them to gambling.
This however has nothing to do with risk-reward behavior or decision making. In order for risk-reward options to make sense there needs to be a real reward present. For gamers that’s victory in a PVP match, or winning at a big tournament. During these events even professional players take risks. Let’s take League of Legends for example. Here risk management is constantly a factor:
- Banning and picking champions, in hopes to effectively counter the opposing team
- Wandering through the side of the map that isn’t warded
- Engaging in a fight in hopes that another enemy isn’t hiding in the near vicinity
- Trying to take objectives in hopes that the opposing team isn’t going to counter-play
These are all intense moments and only viewers know exactly what is going on at all times. However, it’s impossible to win without taking these risks, as without them the whole match would be boring and predictable. It’s also a reason why casinos view gamers as a relevant demographic, since many of them are in essence risk takers. Casinos even host eSport events and allow visitors to bet online. Some have even modified games and allowed players to gamble and win real money.
Gambling and Gaming Issues
It’s possible for both gamblers and gamers to become obsessed with the hobby. The behavioural patterns are very similar, however, gambling poses more dangers because it leads to financial issues. As stated gamblers begin to ignore the risks and odds and even do mental gymnastics to downplay their losses. Gamers on the other hand ignore how much time they are spending behind the screen and obsessively chase wins in online matches.
Conclusion
In reality, risk-reward decisions are a part of everyday life. Whenever we want to switch jobs or careers, or when we are about to take important life steps. People are often anxious when they need to make big decisions because of the risks and unpredictability. However, it’s those same risks that make victories more appealing. Overcoming risks and adversities helps us build confidence and increase self-value.