By: steve-wang
The Gambler's Fallacy is where someone things the outcome of standalone and unrelated event is somehow effected by other events that have happened previously. People easily fall into the Gambler's Fallacy when there is chance involved. The most obvious example is when gambling. Some people think that when they get unlucky or lose a lot, they will win a lot later because they have already lost their share. It will be easier for people to fall to the Gambler's Fallacy if they are very invested in it. In this case if the person has lost a lot, they have probably invested a lot of money which will cause them to be very connected and personally invested in it. It is very easy to fall into the Gambler's Fallacy when it affects your ego. Another example is, a person likes to watch eating competitions and they also like to bet on who will win. They might think their favourite might win this time because of the past consecutive losses. I have also fallen to the Gambler's Fallacy when I was playing a video game and I have lost about 10 games in a row. I refused to quit until I won because I thought that since I had lost so many I had to win soon. This behaviour can be very dangerous especially if money is involved. there have been many people who have gambled away money that they needed because of the gambler's Fallacy. The people in the first two examples might have lost all their money betting on things or gambling on things. Due to their actions they might become homeless.