law of averages

Meanings

1. The statistical tendency toward a fixed proportion in the results when an experiment is repeated a large number of times.
2. An imaginary or perceived "law" of probabilities which is wrongly used to predict results in the short-term.
3. A real or purported law from centuries past regarding the distribution of recompense after a loss at sea due to an act of God, said by some (but not others) to explain why the word average evolved a sense having to do with means, medians, modes, etc.