Gambler's Fallacy

The Gambler's Fallacy is the mistaken belief that if a certain event occurs more frequently than usual in the recent past, it is less likely to happen soon, or vice versa. For example, if a coin lands on heads several times in a row, someone might think tails is "due" and more likely next, even though each flip is independent with a 50/50 chance. It's an incorrect intuition that future outcomes are influenced by past results in independent events, leading to flawed decision-making based on perceived patterns where none exist.