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Gambling Pitfalls: The Fallacy

There are numerous dangers that can attack at any moment when you enter the casino. Everything from the drinking to the fast paced action can be the component that finally robs you of your valued chip stack. One danger in particular is called "The Gambler's Fallacy." This is the thought process that can lead down a very bad and very dangerous road. Knowing what this logical fallacy is can save a lot of people a lot of heartache.

It's a simple thought that many gamblers have a tendency to lean on when times get rough and nothing seems to be going right at the casino tables. There are other names for it, like the Monte Carlo fallacy or the law of averages. Whatever name a bullet decides to take, it can still kill and in this context, can take your bankroll away from you in a big hurry. This is the sorely mistaken idea that the universe ends up owing them a certain outcome if they get into a bad roll. This is the foolish idea that if the die comes up six all the time that a one is of course, naturally due. The gambler's fallacy or the Monte Carlo fallacy simple states that previous outcomes can directly affect what's about to happen. Nothing could be more dangerous than believing the world owes you that way. The world was here first.

There are plenty of examples for the supposed law of averages everywhere. After a bad run in Texas Hold'em, after losing over half a bankroll, some gamblers will complain loudly, especially after a bad beat but will stay in the game anyway, even if it's not a tournament, simply because they believe that at some point, the pair aces will start coming in and then they'll get their money and their revenge. That player will probably lose more there than anyone else. That gambler may be right or wrong. The error is not thinking that you have a chance to win - they're always that chance. The massive leap in logic occurs when they believe that constant failure means that the world will give them a freebie the next go around, as if losing gave them some leeway when it came to luck.

This is a basic overview of the Monte Carlo Fallacy or the Gambler's fallacy. Gambling is a fine activity and one that everyone should try out when they have the chance to. That being said, it's also a game full of pitfalls that many need to watch out for, lest the fun be drained out by immense debt.