When stepping into a casino, it can be useful to have a clear sense of how probability works and how it applies to the games that you're playing. In today's discussion about gambling however, we're reminded that a gambler's fortune can depend on more than just random odds.
The Gambler's Fallacy goes by a lot of names. It's the Monte Carlo Fallacy, the Finite Supply Fallacy, or Fallacy of the Maturity of Chances. Whatever it's called, it loses people a lot of money. One time, it lost people millions of dollars in one night.