Gambler's Fallacy may be described as an individual's conviction based on past circumstances where he believes that the probability of a particular situation is more when it occurs less in numbers and it is less when it has already occurred a number of times. The reason that can lead to gambler's fallacy may be Representative Bias, or Familiarity Bias or Overconfident Bias . For Example, in a spin of wheels game if an odd number has occurred in 5 spins , a person will probably think that an even number is pending and gamble on the even number for the next spin . The reason for him to chose this number may be because either he has already been across such situation earlier or might be he must be confident of his intuition.
The law of Large
The law of Large