While I understand this item and the quest obtaining it was removed months ago, and you can still get a soul version from dungeon, the question is about the base version in this patch.
In particular the devblog reads:
With this in mind, we have updated older nodes and added new nodes in for Disintegrate and its Skill Tree to give it the power it needs inherently, and stop relying on this interaction. So while combining Gambler’s Fallacy and Ingvar’s Head will no longer work in 1.1, Disintegrate should have many more build options available to it.
which confuses me because it sounds like the item is still in the game, and it just mechanically could not be abused for Disintergate anymore. The patch notes also documented the changes to Gambler’s Fallacy.
So is this item still in the game as in 1.1?
Yes, if you had it from before. It just no longer applies to disintegrate and other channeling skills.
LE Tools still has it in there with some adjustments.
Now, that said, it also says it can still only be gotten by Artem’s Offer, which when I went through was no activate. So while it’s in the game, there still appears to be no way to get it.
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From my current stash in legacy (and equipped one). Both are still in the game, both had the text glitch fixed, which was also good. But they’re both still in the game if you play legacy.
If you play cycle, you can only get the soul version.
So interestingly enough, running a new character through the campaign, the Gambler’s Fallacy is no longer available from the Gambler as an option to the Avarice.
It’s been taken out in 1.0. Hasn’t been available for months now 
I must’ve missed that as I didn’t run a new character in 1.0, just rebuilt old ones.
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