The gamble fallacy, also known as the gambler\“s fallacy, is a common cognitive bias where individuals believe that past random events influence future outcomes in independent situations. In India, this fallacy often appears in local products like traditional lottery systems and chit funds, where people mistakenly think that previous losses increase their chances of winning in the next round.
For example, in Indian satta matka games, a form of gambling, many participants fall into the gamble fallacy by assuming that if a particular number hasn\“t appeared for a while, it is \“due\“ to come up soon. This misconception can lead to significant financial losses, as the outcomes are purely random and not affected by past results. |
