Difference between...

[Jackie Moon]

Not sure if this the right spot but could somebody explain the difference of gamberlers fallacy and a chase system?
for those who don't know gamblers fallacy is the belief something is due for a win like if I flip a coin and it lands heads 6 times you'd beat on tails because it is due when statically it has a 50/50 chance

[Rich Boy]

A common example is the roullete wheel. Casinos post the results of the last 25 spins so morons can find "trends" and bet accordingly, when mathematically the odds are the same regardless of what happened previously (unless the roulette wheel is rigged, but thats a whole other story)

Chasing is just a form of martingale where you increase your bet size in order to recover your previous losses and turn a profit from a single win. The numbers looks good, but you cannot turn a series of -EV wagers into a +EV proposition, no matter how you combine them (unless they are correlated in some way and you can parlay it)

[Jackie Moon]

But how are they any different? On a chase your thinking a team is due correct?

[Rich Boy]

Depends on the kind of chase.

The most I have seen are on completely different games/leagues. No real correlation, even a moron couldnt find a correlation

ie. The yankees lost therefore the Patriots are due for win.

[Rich Boy]

With a roulette wheel people think the wheel has some kind of memory

[wantitall4moi]

Chasing is just that chasing. If it is sports betting then it isnt a known probability so therefore gamblers fallacy doesnt apply. Same as fading someone because they are 'due' to lose. Chasing and fading are valid approaches in a vacuum. Gamblers fallacy means nothing.

The best move a casino is Vegas can do it throw up a board to show the past 20 spins on a roulette wheel.

[MarlinsFan2212]

Use a roulette wheel as another poster eluded to.

Lets say it hits red 10x in a row. Gamblers fallacy would be where someone bets on black, because its "due" for a win, but in reality it still has the same odds.

Chasing on the other hand could be any bet on the board. Black, Red, Odd, Even etc. Usually betting progressively more until they recoup their losses(aka martingale).