And doesn't the theory automatically assume you got an infinite amount of money? And if that was the case, why would they need to gamble anyways?
^ from wikiSince a gambler with infinite wealth will with probability 1 eventually flip heads, the Martingale betting strategy was seen as a sure thing by those who advocated it. Of course, none of the gamblers in fact possessed infinite wealth, and the exponential growth of the bets would eventually bankrupt those who chose to use the Martingale. It is widely believed that casinos instituted betting limits specifically to stop Martingale players, but in reality the assumptions behind the strategy are unsound. Players using the Martingale system do not have any long-term mathematical advantage over any other betting system or even randomly placed bets.
You just can't outsmart RNG, thats why Casino's are made.
Get one lucky guy that bets huge and wins another 5KG and ur small bets are gone.
"Fear, is the true opiate of combat"
Well, I think you guys are also looking at the dangers of this method from completely wrong direction. There are many players out there who have over 100,000 gold. Meaning they can keep this going for quite a while.
Seriously, go in-game and /roll 10 times. More than likely you will get at least 3 above 60. Yes I know I can't really say that because RNG is random, but it also isn't that cruel.
Something that many players don't understand is HOW actual RNG works. I have a friend busy writing an extremely in depth guide on it and he will be releasing it on his blog soon, so ASAP it is out I will give you a link.
As I was saying, the REAL danger is that the Casino owner simply refuses to take your bet or logs off / gets banned. You could say be up on your 15th bet now, and you have currently lost maybe 10,000g. Your very next roll could be your winner, but suddenly he logs off either getting banned or decided to quit while he is ahead because he has caught onto your game.
In real Casinos I don't believe they can force you to stop betting unless it is an emergency or your behavior has provoked them. But in-game the guy can simply log off when ever he wants without any legal repercussions.
Like previously mentioned this is just the martingale system (the most known betting system in the world).
The fact is that nobody can beat the casino with mathematical systems, the house edge is too large - especially here where the house edge is 10%.
Why do people keep repeating it? It's like thank you Mr Captain ****ing obvious. The OP even mentioned it in his post yet you feel like repeating it?
It's like me writing a guide on how to make gold of Saronite ore, and then someone comes and says "HEY LOOK HE IS USING AN ORE CALLED SARONITE ORE".
They keep repeating it because it's a well known system with 1 very famous flaw: Unless you have an infinite amount of money, you stand a very high chance of losing. Making this statement:
very false.
Also, due to strange wording, casinos are not banned, but telling anybody about them ingame is. Blizzard Support
We tried this in a real casino and we lost. We were playing roulettte and for the first hour we were winning small amount by betting red or black. Then we lost it all within a matter of 15 mins when we lost 9 bets in a row especially when you're doubling your bets.
You can get lucky with this, but 100% is abseloute bollocks. I tried it on a roulette and I racked up a nice £200 profit the first time I tried it, while the second time I lost the £50 i went in with cause at one point I just got like 16 red in a row or something silly like that. Random numbers are random and I think the world record for reds in a row in a casino is 63 or something, no bankroll in the world can afford to double yer bet 63 times.
I was surprised that in 2 pages no one manged to point out the true reason why this method fails. Its called the "Gambler's Fallacy".
"The gambler's fallacy, also known as the Monte Carlo fallacy (due to its significance in a Monte Carlo casino in 1913)[1] or the fallacy of the maturity of chances, is the belief that if deviations from expected behaviour are observed in repeated independent trials of some random process then these deviations are likely to be evened out by opposite deviations in the future. For example, if a fair coin is tossed repeatedly and tails comes up a larger number of times than is expected, a gambler may incorrectly believe that this means that heads is more likely in future tosses.[2] Such an expectation could be mistakenly referred to as being due. This is an informal fallacy. It is also known colloquially as the law of averages."
Since each roll is independent of the next, just because the last 5 rolls were below 60, has no bearing on increasing the odds of the next roll being above 60. Its short run probability vs. long run probability. Add the fact in that 60% vs. 40% in their favor. So basically the most you can ever win is 20 gold but the chance to lose a lot more is more likely... on your 7th roll you are betting 1280 gold to win 20gold or potentially lose 2540 gold.
And for the person that talked about using this on roulette, why do you think they added the 2 green spots on the wheel.
Can it work, sure.... can it kill you yes.... is it 100%... not even close
I think that casionos are a failsafe way to earn money. This is because it is completely based on probability. The gambler has a 40% chance to win, whilst the 'casino' has a 60% chance to win. This means that the casino is always going to win. See, if the casino loses too much, he can just call it quits. If the gambler calls it quits, it's the same. This means that no matter what, the casino is going to win... I think that this is the truth...
If you start with a $0.01 bet, your 63rd double would require an approximate $46.1 quadrillion dollar bet.
$46,116,860,184,273,900.00 to be exact.
So unless you start with miniscule fractions of a cent (which I'm pretty sure Casino's won't allow) then you're not likely to be able to afford it in the long run.
Also, I didn't see anyone dispute this obvious mathematical flaw:
Your "profit margin" will NEVER be more than your original bet unless you bet MORE than double your previous bet. Remember, you have to subtract out all of your losses. So if your first bet is 20g, and you fail 8 times, your 9th bet will require a bet of 5,120g. If you win that roll, you will be given 10,240g. But, to get to that point you've invested 20+40+80+160+320+640+1280+2560+5120 gold, which adds up to 10,220g, giving you a 20g net winning (as Carvea touched on above).
So anyways, as many other folks have said here; this is a very bad idea.