Gambler’s Fallacy Explained: Think You’re Owed A Win?

Gambler’s Fallacy Explained: Think You’re Owed A Win?


[Narrator] Let’s talk about
the elephant in the room.
Yes, you with the trunk.
This elephant represents
that nagging feeling
we might get when gambling.
You know, the one where we
think we’re actually owed a win.
Like, if you flip a coin 12 times
and each time, it lands on heads,
you’re fairly confident the
next one will be tails, right?
Let’s see.
Uh-uh.
Heads again.
So here’s how it works.
You see, unlike elephants,
coins don’t have a memory.
Neither do roulette balls, lotto balls,
or any other game of chance.
So each time you gamble,
it’s a completely new game,
completely random with the
exact same odds every time.
Researchers have a name for it.
Gambler’s fallacy.
And it makes you believe
the more times you gamble,
the better chance you have of winning.
So next time you think you’re owed a win,
remember, it’s the elephant in the room.
By simply being aware
of gambler’s fallacy,
you’re one step closer
to being in control.

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