Abstract

This chapter deals with one of the common fallacies in Western philosophy called 'the gambler's fallacy (GF)'. GF is committed in the context of random, unconnected events. When (by chance) a certain outcome occurs very often in one period of time, the fallacious reasoner assumes that the opposite outcome will be more likely to occur in the future to “even out” the results. As with most fallacies, GF is prevalent because it is similar to a kind of good reasoning. This chapter considers a case of flipping coin to understand this concept. GF covers situations where the results are based on chance. In a game of skill, for example, a streak may indicate the superiority of one player or team or it may cause the other players to adjust their strategy to stop the currently successful run.