Martingale System

The Martingale system is somewhat simple. Start betting with one dollar. If you lose it, bet two dollars. If you lose again, bet 3. Again, if you have the misfortune to lose this third round also, you will have to bet 7 dollars. If you win, you will have 14 dollars as winnings, therefore you will recover all your total losses and you will also get an extra dollar. The strategy also has some variations. Let's clear up some aspects about this strategy

Truth

1. The Martingale strategy implies a lot of money. This statement is true. If you lose 10 or more hands in a row (although this is highly improbable, you will need 10000 units to bet. In fact, the required amount rises exponentially; therefore you will find yourself with an empty bank account
2. The Martingale strategy works on every casino game. This statement is also true. It works on every casino game, including bingo and kendo. Moreover, it can also be applied to sports, and that is the only gambling field where the strategy could be really effective.
3. The variations of the Martingale strategy are more effective. Well, this aspect depends on the gambling profile of the player. A player that likes to take chances will surely bet more to win more, while a cautious player would prefer to renounce this strategy (and any other) if it is proven inefficient.

Myths

1. The Martingale strategy is mathematically proven. False. You could make some serious calculations about your potential losses and winnings, but there is no mathematically proven system that would allow you to win constantly on the Martingale strategy.
2. The Martingale strategy could bring important winnings to the players. False. The strategy would only bring sparse winnings that are not even sure. In our previous example, you had to risk more than 14 dollars to win 1 dollar. This is surely not effective, and if you lose 7 or 8 rounds in a row, you will feel the cold chills of losing on your back. Again, risking 10 000 dollars for a single possible dollar won is not a good strategy, therefore you must think carefully about applying it.
3. The casinos are helping the players that are using this strategy to prove its effectiveness.
4. Again, this affirmation is false. The casino doesn't need to prove anything; it will only calculate its possible earnings and loses, generating cards or numbers that are beneficial for it.
5. Some people got rich with the Martingale strategy. Again, a statement that can't be proven. If some players were really in this situation, they would never tell.