Gambler's Fallacy Definition
Gambler's Fallacy is the belief that the onset of a certain random event is less likely to happen following an event or a series of events. For example, if a fair coin is tossed and tails shows up more often than is expected, a gambler believes that heads is more likely to occur in future tosses. This belief is incorrect because past events do not change the probability of certain events. The likelihood of a fair coin turning up heads is always 50%.