Monte Carlo Casino
The most famous example happened in a game of roulette at the Monte Carlo Casino in the summer of 1913, when the ball fell in black 26 times in a row, an extremely uncommon occurrence (but not more nor less common than any of the other 67,108,863 sequences of 26 red or black, neglecting the 0 slot on the wheel), and gamblers lost millions of francs betting against black after the black streak happened. Gamblers reasoned incorrectly that the streak was causing an "imbalance" in the randomness of the wheel, and that it had to be followed by a long streak of red.
Read more about this topic: Gambler's Fallacy
Famous quotes containing the words monte and/or carlo:
“...we were at last in Monte Cristo’s country, fairly into the country of the fabulous, where extravagance ceases to exist because everything is extravagant, and where the wildest dreams come true.”
—Willa Cather (1876–1947)
“If there is anything so romantic as that castle-palace-fortress of Monaco I have not seen it. If there is anything more delicious than the lovely terraces and villas of Monte Carlo I do not wish to see them. There is nothing beyond the semi-tropical vegetation, the projecting promontories into the Mediterranean, the all-embracing sweep of the ocean, the olive groves, and the enchanting climate! One gets tired of the word beautiful.”
—M. E. W. Sherwood (1826–1903)