even though you have a 50% chance of hitting either red or black on the wheel........... the underlying principle cannot be carried over to sports betting.
What you are describing regarding the "gamblers fallacy" is ultimately the equation of chance/probability.
Great thread man.
The odds of hitting black or red in roulette is actually 47.37% on each and not 50/50 because of the zero and double zero. In betting every game is 50/50 because you either win or lose and the point spread is the ultimate equalizer.
One thing I wanted to have you answer because its a hot topic on the boards is the number of games bet in a week. I see some threads where people play 15-20 games in a week 
. I really fail to see how people can find value in that many games. Also the more games played the harder it is to come out on top. If you play 5 games the odds of you going undefeated is .03125 (.50 to the 5th power) and if you play 15 games its (.50 to the 15th power) which is .000015, so as you can see the more games you play the lower your odds are to beat the books right? Its also hard to believe there is that much value in a given week. Vegas makes mistakes sometimes but they are usually adjusted very soon and they do take baths on games sometimes but they also take positions sometimes on games and win a lot.
Most important info on the board for long term success. All of it. Most people don't have the emotional discipline to be consistent at anything that is based on probability. Even if you are an all world handicapper you lose 40% of the time, sometimes in streaks. How many people can stomach their best plays losing on bad beats one after another and not tilt? Only a few. 
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