Why does a 1% drop chance not mean 1 in 100? How game randomness works

A 1% drop chance means each try has a 1 in 100 chance. It does not mean you get one every 100 tries, and the game does not remember your misses.

After 100 tries you have only about a 63% chance of having got the drop. Use the simulator to send hundreds of players after the same item, and see how a pity counter cuts off the unlucky tail.