2min chapter

In Our Time: Science cover image

Probability

In Our Time: Science

CHAPTER

The Gambler's Fallacy

Gambler's fallacy is a sure-fire way of winning money. You just keep on doubling your money up, and you're eventually an even number will come up. When it's even, because you've doubled your bet up each time, if you add up the money that you spend and the money you'll get back, you'll actually be one pound up. This is the reason casinos have a maximum bet, because at some point, you cannot double your bet, and you cannot go above the maximum bet on the table.

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