The Hot Hand Fallacy is the assumption that wins or losses in games of chance exist in streaks.
While gambling, some people will feel they are having an ‘cold night’ or that ‘someone is really on tonight’, assuming luck exists as an etherial vein you can tap into as opposed to a series of independent events.
Humans are excellent at seeing patterns in what is really just noise. This is known as the ‘clustering illusion.’ Randomness is clumpy er clustery.
In basketball it is a common belief that when a player makes a basket, they will be more likely to make another basket, and another and another. This is untrue. Each basket a player makes is a statistically distinct event and thus has no effect on future baskets. Sports = arbitrary
This fallacy is the cousin of the ‘Gambler’s Fallacy’ which also preys on peoples misunderstanding of statistical independence.