The use of multiple antenna arrays in transmission and reception has become an integral part of modern wireless communications. To quantify the performance of such systems, the evaluation of bounds on the error probability of realistic finite length codewords is important. In this paper, we analyze the standard Gallager error bound for both constraints of maximum average power and maximum instantaneous power. Applying techniques from random matrix theory, we obtain analytic expressions of the error exponent when the length of the codeword increases to infinity at a fixed ratio with the antenna array dimensions. Analyzing its behavior at rates close to the ergodic rate, we find that the Gallager error bound becomes asymptotically close to an upper error bound obtained recently by Hoydis et al. 2015. We also obtain an expression for the Gallager exponent in the case when the codelength spans several Rayleigh fading blocks, hence taking into account the situation when the channel varies during each transmission.