The Gambler's Fallacy is the mistaken belief that past random events can influence future outcomes in games of chance. For example, if a coin is flipped and lands on heads several times in a row, someone might think that tails is "due" to occur next. This fallacy arises from a misunderstanding of probability, as each flip of the coin is independent of previous results. This fallacy is commonly observed in gambling scenarios, such as in casinos or lotteries, where players may make decisions based on previous outcomes. Understanding the Gambler's Fallacy is important for making informed choices and avoiding irrational betting behaviors.