Gambler's Fallacy

 What is the Gambler's Fallacy?   

Gambler's Fallacy is when someone becomes convinced that a particular outcome must come soon simply because it has not occurred recently. For example, believing that because three consecutive coin flips were heads, the next coin flip must be virtually guaranteed to be tails.   Another example is in Roulette when the ball has landed on the Red six times in a row believing that it must land on the Black now.  

Simply put, the ‘Gambler’s Fallacy’ is the misguided belief that random events in the past influence random events in the future.