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Gamblers Fallacy

by Jerry "Jet" Whittaker
April 03, 2006

What is gambler’s fallacy?

There are many types of fallacy that can be seen by a gambler even the professional players also show some of the fallacy because of these fallacies a gambler suffers a lot of loss The Gambler's Fallacy is also some times is called the Monte Carlo fallacy. Monte Carlo fallacy or gambler’s fallacy is commonly referred to as the mistakes that gamblers usually make while gambling that is may be because of some presumed notions or because of over confidence that professional players show, while gambling. It is very difficult to define the term gambler’s fallacy because there is a large scope of fallacy that gambler usually makes. However, gambler’s fallacy is defined as a misunderstanding of the laws of probability by the gambler, to imply that independent the random variables that are even out by active self correction.

Example of the fallacy produced by the gamblers:

An example of the gambler’s fallacy is that if by tossing a coin if it comes tails seven times in a row than the gambler betting can be very much sure that the next time only the head will come but according to law of probability the next time also the probability of coming a head or a tail is equal and that is fifty percent each. The gambler's fallacy rejects the hypothesis in probability theory that each event is free of its previous happening. The odds of an event happening are always the same no matter how many times that event has taken place in the past. Given those events happening over a sufficient amount of period of time then their regularity would average out to 1/2. This is just an example but there are many other mistakes that the gambler’s produce.

What is the conclusion?

if you are a gambler or you bet quite frequently, than you have to keep in mind these fallacies made by the gamblers. People make these mistakes because they wan to play safe gamble and does not want to lose money. Gamblers lose lots of money because they make such mistakes. These fallacies are made by every type of gambler’s even by the professional gamblers and sometimes these fallacies can also bring fortunes in favor of the gambler. That is the thing which is most exciting about the gambling and attracts people to gambling.

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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