Gambler’s fallacy is a casino term that refers to one of the most common misconceptions among casino players.
Casino players often believe that if something didn’t occur in a while, it is bound to happen soon. The term is used to falsely validate losing streaks and it keeps players believing they are bound to win. The more they lose, the more convinced they are that their win is right around the corner. However, as the term suggests, this belief is false.
For example, let’s say that you are wagering on some random outcome and you have a 1% chance of winning. If gambler’s fallacy was true, by playing out the same outcome 100 times or even 1000, you should be guaranteed to win. However, this isn’t the case because no matter how many times you bet on such an outcome, whether it’s your 3rd or 10000th bet, your odds of winning always remain 1%.