The Gambler's Fallacy: When the Monte Carlo Wheel Hit Black 26 Times
By the fifteenth black in a row, the story goes, the crowd around the table had stopped watching and started betting. Red had to come. It had been gone too long, the wheel owed it, and anyone with a stack of francs and a feel for averages could see that. Black came up again. And again. On 18 August 1913, at the Casino de Monte-Carlo, the ball is said to have landed on black 26 times in a row, and the gamblers who kept piling onto red lost millions of francs doing it.
