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1.
The Law of Averages is a layman's term used to describe the belief that the results of any given event "work out" or "even out" over a set of trials in the short run.

The LoA's assumes that balance will always occur within a small sample.

Essentially, it is the belief that a rare occurrence will happen given enough time and is similar to the shotgun effect
1) If you flip a coin 10 times, the Law of Averages states that 5 flips will be heads, and the other 5 flips will be tails.

2) If you apply to enough Universities, the Law of Averages states that you will eventually get into atleast one.
by JrBalrog January 01, 2012
 
2.
The trump card used at a cocktail party to convince someone who has lesser academic background and sophistication and legitimize your argument.
Q: Gun control doesn’t work!

A: Well…The Law of Averages says otherwise.

Q: 2nd amendment!

A: The 2nd amendment has its limits, if it didn’t, there would be no need for civil servants (police).

Q: The government is not taking my guns away!

A: No one said Gun Prohibition, its called gun control.

Q: Government will not control me!

A: It already does, don’t you have an ID?

Q: Yes?

A: The Law of Averages!
by vamonos a la playa January 02, 2013