law of averages noun3 •The statistical tendency toward a fixed proportion in the results when an experiment is repeated a large number of times.... as they will not have sufficient distribution of risk to permit the law of averages to play its part and a severe total loss may ... — 1919 •(informal) An imaginary or perceived "law" of probabilities which is wrongly used to predict results in the short-term.This coin has landed on heads ten times, so by the law of averages it must land on tails next time. •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.
