Law Of Averages Definition

The popularly held supposition that a possible event can be expected to occur with a frequency at or near its probability.
Webster's New World
The principle holding that the relative frequency with which an event occurs in repeated trials will converge to a stable value over time as the number of samples increases.
American Heritage

(informal) An imaginary or perceived "law" of probabilities which is wrongly used to predict results in the short-term.

This coin has landed on heads ten times, so by the law of averages it must land on tails next time.

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