This paper has two aims. First, it points out a crucial difference between the standard argument from fine-tuning for the multiverse and paradigmatic instances of anthropic reasoning. The former treats the life-friendliness of our universe as the evidence whose impact is assessed, whereas the latter treat the life-friendliness of our universe as background information. Second, the paper develops a new fine-tuning argument for the multiverse which, unlike the old one, parallels the structure of paradigmatic instances of anthropic reasoning. The main advantage of the new argument is that it is not susceptible to the inverse gambler’s fallacy charge.