In a roulette game that continues indefinitely, is it correct to say that achieving a sequence of 100 consecutive reds will occur far less frequently (perhaps once in every million spins) compared to a sequence of 10 consecutive reds?
If the probability of getting a long sequence of reds decreases as the sequence gets longer, why is it considered a gambler's fallacy to believe that black is more likely after a long sequence of reds? If a sequence of 101 reds is less likely than a sequence of 100 reds, why is it incorrect to assume that the current sequence is more likely to be 100 reds long and therefore the next spin will be black?
Edit:
I'm aware that those are independent events and the probability has no memory and thus must stay the same. I'm asking how is that fact compatible with stating that longer sequences occur less often.
Moreover, I'm not saying that according to the law of large numbers it should balance out and therefore it is more likely to be black on the next spin. I am saying that it is more likely that we are on a squence of 100 reds than a 101 sequence, since it occurs at a higher rate, and if it is more likely to assume that now it is the shorter sequence rather than the longer one, then doesn't it logically follows that the next spin is more likely to be black?