Usually means: Expected outcome over many trials.
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We found 18 dictionaries that define the word law of averages:

General (16 matching dictionaries)
  1. law of averages, the law of averages: Merriam-Webster
  2. law of averages: Oxford Learner's Dictionaries
  3. law of averages: American Heritage Dictionary of the English Language
  4. law of averages: Collins English Dictionary
  5. law of averages: Vocabulary.com
  6. the law of averages: Cambridge Advanced Learner's Dictionary
  7. law of averages: Wiktionary
  8. law of averages: Infoplease Dictionary
  9. law of averages: Dictionary.com
  10. Law of averages: Wikipedia, the Free Encyclopedia
  11. law of averages: Rhymezone
  12. law of averages: FreeDictionary.org
  13. law of averages: Mnemonic Dictionary
  14. law of averages: TheFreeDictionary.com

Business (1 matching dictionary)
  1. BusinessDictionary.com (No longer online)

Miscellaneous (1 matching dictionary)
  1. the law of averages: Idioms

Definitions from Wiktionary (law of averages)

noun:  (statistics) The statistical tendency toward a fixed proportion in the results when an experiment is repeated a large number of times; the law of large numbers.
noun:  (informal) An imaginary or perceived "law" of probabilities which is wrongly used to predict results in the short-term.

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