The real truth about the Martingale gambling system is that, for the average player, this system is a sure-fire way to financial disaster. A gambler is highly likely to leave a casino with the same amount of money on average as when he or she started. In theory, the Martingale system has even been mathematically proven in submartingales and supermartingales to demand more time to increase chances of winning. As the theory goes: "Life is a supermartingale; as time advances, expectation decreases."
The Martingale System is a negative progression system, the oldest known betting system. It was originally developed for play on the even chance bets on a roulette table but can be used on any even chance bets of other games. Although developed for gambling, the Martingale money management methods is also used for trading.
It is important to note that the concept of martingale in probability theory was introduced by Paul Pierre Lévy, and much of the original development of the theory was done by Joseph Leo Doob. Part of the motivation for that work was to show the impossibility of successful betting strategies.
Although there are many variations of the Martingale system, in its most common form, you double the bet after each losing bet until a winning trade occurs. That final winning bet after a string of losses will replace all the previous lost money plus give you a profit equal to your original bet. It does not matter how many losing bets occurred as long as you double each bet after a loss eventually you must win.
What is important is that the bet size quickly increases during a string of losses. For those of us who are not millionaires, you can be bankrupt before being rescued by a winning bet.
This system can only be recommended to those with a huge bank roll, lots of time and more importantly, the former is boottomless; that means, even if you lose huge sums, the losses will not scratch your surface because your bank account is limitless.
In addition to this, the return is very low and the methods very risky especially in those casinos that employ maximum bet limits. For the new and average player, Martingale systems are a way to financial disaster and is not recommended at all.
It has also become increasingly impossible to apply in today's brick and mortar casinos, due to the betting limits implemented at the tables. Casinos will and do adjust the betting limits so that it reduces the casino's short term variance; the result - the martingale system does not pose a threat to the casino. Casinos will go so far as to even encourage its use, knowing full well that they have the house advantage no matter when or how much is wagered. We presume that the house limits implented at online casinos also does not give any winning advantage to a casino player for using the Martingale system.