As pretty much everybody knows, gambling involves a lot of chance and randomness. Because of this, we often see big winning and losing streaks while playing casino games. And a common piece of advice is to take advantage of the winning streaks, while quitting during losing streaks.

This seems really logical too because, if you can recognize streaks, you really stand to benefit from them. However, the truth is that there's less to gambling streaks than many players realize. That said, let's discuss what actually causes these long strings of wins and losses and what you really need to be focusing on.

False Prophecy

When you play blackjack, you have about a 43% chance of winning any single hand. Due to the fact that you can also split hands and double down, you can cut the blackjack house edge down to 0.5%. With such a slim margin, you're almost at an even money bet with casinos.

Seeing as how you have a high chance of winning blackjack hands and making money, you're going to see a lot of winning and losing streaks. For example, you might win four hands in a row, lose three hands in a row, then win two more hands. If only there was a way to predict these streaks...

Interestingly enough, many players think that they can predict streaks through systems and complicated math formulas. But the reality is that, unless you cheated by marking cards in the deck, you can't predict winning and losing streaks. After all, these streaks happen because of variance, or the short-term fluctuations in results. So if anybody tells you that they can predict when a string of wins or losses are coming, ignore these false prophets.

Think Long-Term

You can't control when winning and losing streaks are going to happen in casino games. However, you can control your play and whether or not you're using optimal strategy.

Sure you might lose five hands in a row sometimes while playing baccarat. But that's no excuse to suddenly start wagering on the Player hand to win (1.24% house edge). After all, betting on the Banker hand to win carries a 1.06% house edge, which is the best you can do in traditional six and eight-deck baccarat games.

So the number one thing to do is make sure that you're using proper strategy in casino games; rather than worrying about winning and losing streaks. And if a losing streak gets too long, be willing to walk away before your bankroll takes a big hit.