Gambler's Fallacy is a cognitive bias in which a person believes that a certain outcome is more likely to occur due to the occurrence of a previous event. This fallacy is based on the false belief that past outcomes can influence future outcomes, when in reality, each event is independent
The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the belief that an independent and equally probable outcome which happened less frequently than expected is more likely to happen in the future. The fallacy is commonly associated with gambling, where it may be mistakenly believed, for example, that the next dice roll is more likely to give '4' because there have recently been fewer '4's than expected, when in reality the probability of the next outcome being '4' is always 1/6, for each dice roll is an independent event.