Question

"Why I don't gamble". What do you think the law with large numbers has to do with gambling?

Answer 1

The Gambler's Fallacy says, that there is no memory in randomness and any sequence of events has the same probability as any other sequence.

However, the Law of large numbers says, that given enough repetitions a certain event will likely happen.

The law of large numbers (LLN) says that if we flip a fair coin a bunch (thousands, millions, billions, etc.) of times in a row, the outcomes should be approximately half heads and half tails. But LLN doesn't tell you anything about the probability of the next (or any) trial.

Suppose you toss a coin 10 times, each time you get head. You are betting that on 11th trial , tail should come

that is probability of getting head/tail on 11th trial is still 1/2.