Casino Strategy & Gambler's Fallacy
It is tempting to fall in superstitious habits while you are in the casino. In case, you win each time you kiss and wear the lucky hat, then you will keep doing it -even after it does not work! For most part, the little habits & beliefs are not harmful, and may also make your casino to visit for more fun. However, there is one commonly held thought that will hurt your odds at casino, particularly if you buy in the casino strategy, which revolves over it. And it is called gambler's fallacy, and it is something that everybody falls in once in the casino career.
Have you been at the roulette table where the red has now come up 6 or 7 times in the row, and bet at black as you are sure it is due? In case, so, you have committed gambler's fallacy just by assuming the earlier results can influence next completely event, which is going to happen. Roulette wheel has totally no memory of the previous spins, thus there is not any reason to believe the next spin may "correct" run of red.
It at times takes people by the surprise, as they believe that "law of the averages" and "law of the large numbers" dictates things have to balance in the end, as we know in a long run, results we see can closely mirror probability of every individual event. Problem is in a long run, results can approach what predicts, however there is not any guarantee that these results may come out to exact percentages we actually expect. In long run, little streak of the red that we saw can barely effect overall percentage of the times red has now come out on roulette wheel, particularly if we tracked wheel's results over some days, weeks and months.