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 twelve times and each time it lands on heads, you're fairly confident the next one will be tails right? Let's see. 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.