Monday, September 28, 2015

Dylan Magee 

The Gamblers Fallacy

 Are you up for a win? The gamblers fallacy is the belief that if one continues to lose they are eventually up for a win. They also feel that if something occurs such as a coin landing on heads 10 times in a row that it is more likely that it will land on tails the next time simply because it hasn't occurred in a while. Their mistake is that their chances of winning are equal each and every time they bet so it is just as possible that they can continue to lose as it is that they will start to win. While doing some research on this topic I found an interesting article which explained the fallacy quite well but it also went into a pathological disease that people can acquire by believing in the gamblers fallacy. This disease causes the person to believe that if they just keep playing without rest that they will eventually win back all the money that they have lost and more, without treatment the disease will only stop when the gambler is dead or has run out of money. The link below gives the full story.   

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