Law Of Large Numbers

The Law of Large Numbers says that the more often we perform some kind of random experiment, the more our results are going to approach what theoretical probability says should happen in that experiment. Let’s say we’re playing Roulette in Atlantic City. We’re just betting red every single time. We should win a little less than half the time (the green spaces mean that slightly less than half the wheel is red), but we win on six of our first seven spins.

The Law of Large Numbers says that if we keep playing Roulette the same way for many, many, many, many spins, our winning percentage should slowly approach the actual theoretical probability of slightly less than half of our spins being wins. The Law of Large Numbers does not say what will happen on any one spin...only what will happen as an aggregate result of hundreds, even thousands of spins.