resort town, capital of Monaco, Italian, literally "Charles's Mountain," founded 1866 and named for Charles III of Monaco (1818-1889). The car rally there dates to 1911. The Monte Carlo fallacy (by 1957) was named for the town's famous gambling casinos; it is the fallacy of thinking that the probability of a particular outcome rises with the successive number of opposite outcomes. Contrary to the Monte Carlo fallacy, if the roulette wheel stops on black 99 times in a row, the chances that the 100th spin will be red are still just under 50-50.
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