The Gambler’s Fallacy, also known as Monte Carlo Fallacy, is a type of cognitive distortion. Cognitive distortions are ways in which our mind convinces us of something that isn’t really true. Gambler’s Fallacy is a false belief about sequence of random events. It suggests that if, for some independent events, deviations from expected behaviour are observed in a specific direction, then it is more likely that the future deviations will be in opposite direction. In simple words, lower the frequency of an outcome in the recent past, the greater is the likelihood of that outcome in the future. For example, if a coin is tossed repeatedly and tails comes for a larger number of times, than the gambler might incorrectly believe that heads is more likely