CognitionReasoning and Decision Making
$136 000 Roulette Gamble
In April 2004, Ashley Revell plopped down his entire life savings on a roulette table at the Plaza casino in downtown Las Vegas.
This video clip is from the reality series that followed Ashleys adventure. $136,000 was placed on Red, and the roulette ball stopped spinning on Red 7.
According to the gamblers fallacy, which do you predict will be the next roulette bet by those in the crowd? What equipment at most roulette tables encourages the gamblers fallacy? How is the gamblers fallacy demonstrated in other games of chance?