Usually means: Misunderstanding chance with independent events.
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We found 3 dictionaries that define the word Monte Carlo fallacy:

General (3 matching dictionaries)
  1. Monte Carlo fallacy: Wiktionary
  2. Monte Carlo fallacy: Dictionary.com
  3. Monte Carlo fallacy: Online Etymology Dictionary

Definitions from Wiktionary (Monte Carlo fallacy)

noun:  The fallacy, most often believed by gamblers, that a past random event influences the outcome of a future random event, that is, that a run of even numbers at roulette means that there is a greater chance of an odd number next time.

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