Wow dude. That's exactly what i did the past three days - around 70k Bets made so far!
I experienced that this indeed is one of the most profitable and sustaining method.
I recommend to add: decrease by 50% on winning events. You will have to restart the bot pretty often though since the bet amount gets really small when not hitting any losing events.
The longest losing streak i experienced: 11
(to be safe i started with 3500 Sats base bet and had a balance of 0.5 - but still i had to go all-in once!)
my rainbot money (29000 satoshi from 700 initial deposit) blew out eventually three days after i made this post. i think i had enough for 9 losses and i got it after a while. thanks for your tip and stats
Well 29000 Satoshi definitely is too little to expect a long journey in gambling.
Try yolodice.com - you can bet with LTC there and the minimum bet is 1 litoshi.
So basically, your 29000 Satoshi would be around 0.016 LTC. With that amount (1.6 million (!) litoshi), your betting streaks will last longer.