The Martingale Betting Strategy

When most people start out gambling with the intent of winning a few bucks, betting strategies are quick consideration. Before even discussing a betting strategy, trust the fact that there exists no foolproof betting strategy. If gambling ever became fullproof you would either see the game disappear or the strategy made illegal. For example, card counting in Vegas has the ability to shift the odds in the players favor and casinos are on the lookout for those they consider cheats.

The martingale strategy is simple to explain and even easier to play. But it comes with its challenges which, while the most popular betting system, is not a sure moneymaker. The martingale betting system tries to assure each win is money in the bank. Each loss is countered by incrementally higher wagers. Lets say you bet $1 betting on black in roulette. You lose. Next time, you get $2 and win. So you won $2 and lost $1 in the first spin for a net gain of $1. Next sequence you lost 4 bets in a row, $1, $2, $4, $8 - $15 in the red. On the 5th spin, you win on a $16 bet once again, you are up $1. With the previous win, you now have $2 in hand. The only catch is you have to have a bankroll large enough to cover large losing streaks And with each successive loss it becomes increasingly expensive. With a $1 starting wager, after 8 losses you are risking $256 to win that $1. If you only had a $250 bankroll, youve gone broke, probably negating everything you have won in the interim.

Casinos also counter this betting strategy by higher limits. The bigger casinos in Las Vegas and Atlantic city have house minimums ranging from $5 to $25 or maybe higher. You can still find $2 blackjack, but it is increasingly rare.

The following chart shows monetary losses using a martingale betting strategy with increasing consecutive losses

$ Loss at # of consecutive losses
1	2	3	4	5	6	7	8	9	10
$1	$3	$7	$15	$31	$63	$127	$255	$511	$1023
$2	$6	$14	$30	$62	$126	$254	$510	$1022	$2046
$5	$15	$35	$75	$155	$315	$635	$1275	$2555	$5115
$10	$30	$70	$150	$310	$630	$1270	$2550	$5110	$10230
$25	$75	$175	$375	$775	$1575	$3175	$6375	$12775	$25575

While losing 10 in a row will not happen often (about 1/10th of 1%), 5 or 6 consecutive losses is a fairly regular occurrence, especially if you are playing for a couple hours. With $1 minimums having $500 will last you until you lose 9 in a row. If you are betting for $2, you can survive 8 consecutive losses on $500. By the time you get to $5 or $10, you can only survive 6 and 5 losses, respectively.

If you play a modified martingale strategy, you can forgo any winnings if you dont win the first hand. That is, play to break even if you dont win the first hand in a sequence. Playing this way, you only profit when you win consecutive hands. On the positive, it buys you an extra hand where it may take you 5 or 6 losses to go broke with a martingale strategy, it will take 6 or 7 with a break even martingale.

The biggest problem with martingale betting is the addictive nature. Lets say the next increment would be a $640 bet. This is outside your budget, but youve already lost $635. Its very easy to rationalize this bet. Some gamblers would say Ive lost 6 in a row I have to win the next hand while in a rational state of mind, we know the odds are the same for each unique hand. Do not fall into the trap. Cut your losses when it becomes less than you can afford. Think of all times you have won. With this strategy, you should enjoy many smaller winning sessions dont let the inevitable big negative ruin the fun for you.