Much recent work on moral responsibility and on distributive justice has addressed the concept of luck. Very little attention has been given to the relation of luck to rationality. How does luck bear on our choices? Can beliefs about luck lead to unwise decisions? These questions have particular relevance for understanding gambling behaviour, and for public policy on gambling. In this paper I argue that no one is reliably lucky, and that projecting luck can undermine rational decision-making. I give various examples to show the conceptual connection between luck and unpredictability. I present an a posteriori conception of projectibility, and argue that because lucky events are rationally unexpected, regularity statements about luck fail to satisfy the conditions of projectibility. I reject the claim that 'lucky' is a dispositional term, and thus projectible, on the ground that a dispositional interpretation leads to contradiction. I then defend my claim that luck is not projectible against three objections. I conclude with some thoughts about rational responses to luck, using gambling as an illustration.Daniel Dennett calls luck a 'curious concept'. 1 Susan Hurley endorses Dennett's view, adding 'treacherous'. 2 Both remark that Bernard Williams and Thomas Nagel, in their work on moral luck, take the concept of luck more or less for granted. 3 Hurley and Dennett, in contrast, see a need to look closely at luck, in order to understand its bearing on the nature and scope of responsibility.Luck also bears on rationality. As Dennett points out, people often appear to believe that luck is a 'projectible property of people or things'. 4 Such beliefs often inform predictions about future events. People project luck. I will argue that doing this reflects confusion about luck, and can undermine rational decision making.Dennett claims that 'luck is mere luck, not a genuine projectible endowment'. 5 He doesn't defend this claim in detail, but tells a story that he thinks makes it so obvious that it doesn't need further justification. He mentions the sort of circumstances that might lead people to think of luck as 'something real', 6 but not why they misconceive luck in doing so.Many people act as if luck is projectible. We should be alert to the presence of wishful thinking, of wanting luck to be projectible. But we should also recognise the common belief that some of us are lucky and others not, and that people project luck on the basis of that belief. I agree with Dennett that we ought not to project luck. But rather than just pointing out that common attitudes towards luck are often confused, I want to show why luck is not projectible. 7 As well as its theoretical interest, the relationship between beliefs about luck and rational decision making has practical significance. My research on the ethics of gambling has made me recognise the need to look closely at the rationality of beliefs about luck, and that in turn requires work on the theory of luck. Many gamblers form beliefs 74 W. Barrett