The "illusion of control" refers to the tendency of individuals to believe they have more influence over events than they actually do. This cognitive bias can lead people to overestimate their ability to affect outcomes, especially in situations governed by chance, such as gambling or lottery games. This phenomenon can impact decision-making and risk assessment, as individuals may take unnecessary risks or make poor choices based on their false sense of control. Understanding this bias is important for improving judgment and making more informed decisions in uncertain situations, such as investing or sports.