The gambler’s fallacy makes people think that the probability of rolling a six changes based on previous rolls.

How the Gambler’s Fallacy Can Ruin Your Chances of Success

Imagine you were in a dice-throwing competition. You’ve been throwing 6 for the last ten times in a row. How likely is it that you will throw another 6 for the eleventh time? Surely, the goddess of good luck must be smiling on you?

Now, imagine you were playing roulette and you have been losing for the past ten times straight. What will be the likely outcome of the eleventh time? I mean, you have lost so much money that the universe must now need to compensate you with a win for all your losses? 

You cannot really be so unlucky, right?

Gambler's fallacy meme: man holding a gun to his head, thinking, "I missed five times in a row! I must be on a lucky streak".

Have you ever wondered why some people gamble so much that they lose a lot of money and yet keep gambling? Maybe you have even been “some people” at some point in your life, or you currently are.

It is because when it comes to gambling, people have a cognitive bias in their own favor. “Since I have lost so much, then there must be some divine law of the universe that says I must eventually be compensated for all the money I’ve lost”. 

In reality though, the universe doesn’t care. Gambling is largely a game of chance, where past results have absolutely no bearing on future results. Your chances of winning do not increase based on your past losses or wins.

You want to hear the truth? It’s all in your head.

What is The Gambler’s Fallacy?

The gambler’s fallacy is the incorrect belief that, if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future (or vice versa), when it has otherwise been established that the probability of such events does not depend on what has happened in the past.

Here’s the thing about gambler’s fallacy: just because something has happened many times in the past does not in any way affect it’s chances of happening in the future. So, the fact that you have lost ten times in a row does not increase or decrease your chances of winning the next one.

Same thing with if you have won ten times in a row.

And when it comes to making money and becoming wealthy in life, do not let the gambler’s fallacy fool you into throwing money down the drain, money that could be used for something more productive, like giving it to me.

Truth is, the chances of you becoming rich through gambling is so minuscule, you might as well not even try.

I hear you say, “but some people become rich through gambling”. Yeah, they do, but have you heard of probabilities? 

It is indeed “possible” to become rich through gambling, but the fact that it is possible doesn’t mean it is a probability for you. People who become rich through gambling are the exceptions, not the rules. What makes you so sure you will be one of the exceptions? In what other areas of your life have you been an exception to the rule?

A Bigger Problem With the Gambler’s Fallacy

And even if you do win a lot of money gambling, there is an even bigger problem with that.

If you read when I wrote about “What if you won a million dollars?”, you will understand the problem with this supposed strategy of becoming wealthy through gambling.

Most people who win the lottery soon become broke a few years after their great win, with some people’s states becoming even worse than it was before their big win.

Why is this so? Because if you genuinely believe that gambling will make you rich, then there is likely something seriously wrong with your money psychology. I will bet you fifty bucks that you don’t even have the right knowledge of how to manage money if you do get it.

See, getting money is the easy part, keeping the money is much more difficult if you don’t have the right education.

But if you still think that no, your strategy for becoming wealthy is by gambling away all your income, then I wish you good luck, and hope you will get the hell away from me and my blog!

Good riddance!

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Samuel is an avid reader and a freelance writer, in that order. He fancies himself funny, but his friends regularly don't laugh at his jokes. I have been a student of personal development for several years, and I created this blog to share my knowledge with others and help them become better versions of themselves.

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