The belief that past events influence future events. This is commonly seen in the gambling world – hence its name. For example, if a number hasn’t come up in the past 20 rolls, then this system would urge you to bet on that number.
How do some poker players subscribe to the gambler’s fallacy?
One example was during a 2008 World Poker Tour event, Robert Richardson raised with JJ on the button. Andrew Barta re-raised with 77 in the blinds. Whilst Richardson was deciding how to proceed, Mike Sexton said, “Well, Robert knows that he [Andrew] had two kings the last pot. You’re never gonna put a guy on aces, kings, and queens back to back.” Although it’s highly unlikely to be dealt premium starting hands back-to-back, the previous hand has zero effect on what he could be dealt this hand.