Gambler’s Fallacy Definition

Gambler’s Fallacy is also well-known as Monte Carlo fallacy and this term as a situation occurs when a user is quite confident that something with happen or not happen based on the previous experience — when event has been happening in the past. It’s mostly perceived as an error occurring in peoples’ minds being a part of randomness events that happened simultaneously and continuously.

Gambler’s Fallacy is not a positive term but stands for false belief that a situation will occur again since it has already happened. This term is most widely used in gambling for example in a roulette table when people decide on red or black points and believe that they can push their luck condisering situations that have already happened.