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Gambler's Fallacy

Gambler's Fallacy Definition

Gambler's Fallacy is the belief that the onset of a certain random event is less likely to happen following an event or a series of events.  For example, if a fair coin is tossed and tails shows up more often than is expected, a gambler believes that heads is more likely to occur in future tosses. This belief is incorrect because past events do not change the probability of certain events. The likelihood of a fair coin turning up heads is always 50%.

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