Hot hand fallacy
Encyclopedia
In sports psychology, the hot-hand fallacy is the idea that a streak of positive successes is likely to continue.
In fact, statistics show that the events in sports are nearly independent; however, when skill is involved, hot players are more likely to have longer good streaks, so betting on a longer streak continuing is sometimes sensible.
One theory is that players believe that the streak will continue, and take additional risks.
This is related to the gambler's fallacy
where the chances of a streak continuing are constant, but players believe that they are more or less likely to win again.
In fact, statistics show that the events in sports are nearly independent; however, when skill is involved, hot players are more likely to have longer good streaks, so betting on a longer streak continuing is sometimes sensible.
One theory is that players believe that the streak will continue, and take additional risks.
This is related to the gambler's fallacy
Gambler's fallacy
The Gambler's fallacy, also known as the Monte Carlo fallacy , and also referred to as the fallacy of the maturity of chances, is the belief that if deviations from expected behaviour are observed in repeated independent trials of some random process, future deviations in the opposite direction are...
where the chances of a streak continuing are constant, but players believe that they are more or less likely to win again.