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That roulette gambling system you guys are talking about is called the Martingal. And it is true that as long as you have enough money for the next bet and are allowed to make a bet that big you can't lose, no matter what the odds are. The problem is, that no matter how much money you have it is never enough and it can be proven you will go broke if you continue to play. And you might go broke the first time you try it. For some reason I've only heard of this tried at roulette ... but it would have a better chance of working at craps since the odds of winning craps are better than roulette.
In case anyone is thinking about trying a Martingal, I did a few quick calcs to let you know what you are getting into. This is for roulette, assuming you bet either red or black every time. The probability of winning in roulette when taking red or black (with a 0 and 00) is approximately .4737. Let's suppose you have a bankroll of $10235. Why 10235? Because doubling your bet 10 times, and starting with a $5 minimum bet, that's what it's going to cost you to make all those bets. Also remember, that each time you win, you only net $5.
If you try it only one time, the probability of losing 10 times in a row and going bust is only .00162. Not bad, eh? This translates into odds of only 616:1 that you will go broke. But, you only make $5.
So, you try it 10 times. Your probability of going bust is .0161. This is about 62:1 you go bust, and you win $50.
How about 100 times? Chance of going bust: .15. 15% of the time you lose your $10235, 85% of the time you win $500.
Let's try it 1000 times. Your probability of busting out is now about 80%. But, 20% of the time, you win $5000.
EV for the 1000 case:
0.8*-10235 +0.2*5000= -$7188
So, we see that if you want to try this and want to make any significant amount of money, you are in big trouble.
Note: you aren't actually quite as bad as I make it out to be. I simplified the calculations. When you go bust on say the 200th time you try the Martingal, you will have $995 profit from the 199 succcessful tries. But you won't have enough cash for the next bet. Basically, it can be a fun way to go to the casino and know that most of the time you will make a modest winning, but occassionally you will lose it all for an overall loss. Kind of the opposite of most people's experience ... most of the time a modest loss, and occassionally a huge win. So, if you like to gamble, and like to play roulette (or craps or blackjack), and would prefer to win more often than you lose, but in the long run lose the same as you would anyway, go for it.
For the record, there are 4 ways to win money longterm at a casino:
1. Count cards at blackjack and hope you aren't caught and kicked out.
2. Cheat and hope you aren't caught and get various members broken.
3. Play the Video poker machines out there (perfectly) that actually have a positive return for ideal play.
4. Be a very good poker player ... the casino gets it's cut, but you get to compete with a lot of lousy poker players.
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