Originally posted on 03/02/2012:

The "good streak syndrome". This is common to many bettors, you have a good streak and suddenly you start to dream big, the word "work" becomes an enemy as you think that work is holding you back. You feel like a billion dollar man. And believe or not as happy as you are, your bookie is even happier. Why? because they know that out of your confidence come the willingness to bet higher amounts of money and even worse, you are being hooked in the gambler fallacy.
I myself had a streak of 27 wins and 4 loses in my very beginning as a bettor. I was very happy but not too crazy as I used to play dice and I got 15 aces in a row once. You know what are the chances of 15 aces in a row? If not mistaken it is 1 in 470184984576. I probably played under 10 000 games throughout my life. So don't feel to cocky for winning a few bets. You still have a 99% chances of being a loser in the long run.