Tag Archive: Monte Carlo fallacy

In some ways, it's only natural that casino players are looking for every tiny edge to give them a winning chance. The desire to win, with its powerful dopamine rush, means that gamblers are more likely to jump to some pretty crazy ideas to justify as to why they're either winning or losing. Many of these faux ideas fall under the heading of the Monet Carlo fallacy or the gambler's fallacy. These illogical ways of thinking can prove to be dangerous and lead to catastrophic losses.

In order to make sense of the world around us, our minds will often fill in the gaps left by our lack of understanding. In some ways, this helps make life more ordered by making it more predictable. In the casino environment, many players imagine that previous results will have an effect on future ones. This is called the gambler's fallacy. To a certain degree, we can all fall into this way of thinking. But placing bets in a casino requires a level and logical head or you'll lose everything.