The professor knows

A schoolboy, a student, and a mathematics professor are discussing poker strategy. “If your opponent has been dealt aces four times in a row, they will definitely not be dealt aces the fifth time,” says the student. “Statistics teaches us that in the long run, the odds must equalize.” “That’s not true,” says the student. “Statistics teaches us that past independent events have no effect on the future. Your opponent’s chances of getting aces remain exactly the same as before.” “You’re both wrong,” interjects the professor. “Statistics teaches that if your opponent has aces four times in a row, he’s a bad player and you’d better leave the game.”