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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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