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The gambler’s fallacy is a dangerous way of thinking that could cause players to lose money when playing casino games. In essence, it is the belief that previous results can influence future results in a random game of chance. The best example of this is in Roulette; we’ll use European Roulette for this example. If you’ve been playing and the ball has landed on red for the last five spins or so, surely that means there’s a higher chance of it landing on black on the next spin, right? Wrong, every time the wheel is spun, there’s a 48.6% it will land on red, a 48.6% chance it will land on Black, and a 2.8% chance of green. These odds don’t change, just because red came up the last few spins.
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Lottery and betting giant Tatts has knocked back a $7.2 billion all-cash takeover bid from the consortium of investors known as the Pacific Consortium, preferring instead to hop into bed with Tabcorp. It was the consortium’s second …
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