Discussion | Enter Gambling Bet with 52.4288 BTC using Martingale Technique !

[waterpile]

Martingale is always a losing prospect over the long run.

It looks attractive because you can go for long periods without a loss, but when you do lose (i.e. get to the end of your back roll or hit the betting limit) you lose BIG, and eventually it will more than cancel out any gains you've made. There's a reason casinos don't ban players using this system - in fact they like these players, because more often than not they're going to take ALL your money!

take note that all strategies are bound to lose in the long run, it isn't just martingale if it isn't then there would be no gambling site running today.

[Alvin Fahriza]

Martingale is always a losing prospect over the long run.

It looks attractive because you can go for long periods without a loss, but when you do lose (i.e. get to the end of your back roll or hit the betting limit) you lose BIG, and eventually it will more than cancel out any gains you've made. There's a reason casinos don't ban players using this system - in fact they like these players, because more often than not they're going to take ALL your money!

take note that all strategies are bound to lose in the long run, it isn't just martingale if it isn't then there would be no gambling site running today.

agree, Hit And Run is nice strategies for gambling

[anderson00673]

and assume started with 0.00005 BTC (5000 satoshi) with automatic betting , every 1 second 1 bet

to lose all he got (and here is 52.4288 for example) , with Martingale technique he got 20 chance to win 50% for each
-snip-

There are few things that is off with your "calculations" that you forgot to take into account :

#1 If you actually has ~52BTC you wouldnt want a dust bet of 5000 satoshis. It is much better to play at a higher base bet and not to
     use martingale at all. It is proven many times that martingale could be one of the worst strategy however a variances of it could be
     used for better chance to win

#2 Roulette has an edge of ~2.7 % for single zero wheel and ~5.4 for the double zero wheel and if you actually want a 2x payout
     martingale then dice would be a better option because of its lower house edge or even BlackJack for the 1% <  house edge

#3 The probability to get over 20x loss streak is not actually "rare" is most cases it will happens at 0.00011637 %  chance . Number is
     actually close to zero however this happens quite a lot

References : http://dicesites.com/tools

I never saw 20 losses, but when I have pilot mode on for dadice, it is not unusual to see 5-10 losses in a row.  Doesn't happen all the time, but it does happen.  And afaik they are a good site who does not fudge the odds to screw you over.  Again using pilot mode the numbers after seveal hours of play are very very close to the stated %, so I think that they are legit.  Because you can bet on that site with just 1 satoshi on pilot, it would be a good place to test your luck and see how many wins/losses in a row you can get.  Also you can change the win/payout to as high as 98% win chance, an interesting feature.

[Hura]

Hello Everyone , It's just discussion !!

DO NOT THINK I HAVE ALL THAT  

if someone enter to gamble on roulette with chance of 50% to win red/black

and assume started with 0.00005 BTC (5000 satoshi) with automatic betting , every 1 second 1 bet

to lose all he got (and here is 52.4288 for example) , with Martingale technique he got 20 chance to win 50% for each

And in case win ,, he is going to cash them in separate wallet ,, So Max effort can bet is 52.4288 BTC 

What do you think , could he win or lose everything ? ! 

in case of win ,, how much do you think his profit after 6 hours ?

Share Your Opinion... 

ONLY MATH

So, if you are playing Roulette (just one zero) you have this odds each spin:

WIN  18/37  = 0,4864864...
LOSE 19/37 = 0,5135135...

In 6 hours, playing 1 spin at second... you can made 6*60*60 = 21.600 spins

You BUST if you lose for 20 spins in a row,  and this happen:

p = (19/37)^20 = 0,00000162568926

1/p = 615.123,702941043

If doesn't happen.... after 6 hours you can win around ( 21.600 * 0,00005 * 18/37 ) = 0,5254054...

i don't think it's a good idea lose 52 BTC to try to win only 0,52... is better make a donation

17BGit8h31Rv6mVQJ2gekwFUFfKiZbNYei 

[AlwaysSunny]

Martingale is always a losing prospect over the long run.

It looks attractive because you can go for long periods without a loss, but when you do lose (i.e. get to the end of your back roll or hit the betting limit) you lose BIG, and eventually it will more than cancel out any gains you've made. There's a reason casinos don't ban players using this system - in fact they like these players, because more often than not they're going to take ALL your money!

take note that all strategies are bound to lose in the long run, it isn't just martingale if it isn't then there would be no gambling site running today.

Of course you're right, but martingale is particularly bad as it is likely to lead to catastrophic losses in the long run - rather than quitting when you're on a losing streak, the strategy actually dictates that you chase your losses until you can't any more. Of course you could try card counting with live dealer blackjack, though you're probably gonna have to wait a very long time to get a significantly favourable count with the 8-deck shoes that most (all?) sites use.

[mattiadeabtc]

20 loss on 50% It is more ' common than you might think, at least in the dice  it is so, but i think it's the same for roulette on black/red.
luck is blind but bad luck sees double

[SyGambler]

it's -EV mate , but using a big bankroll may help to reduce the chance of the losing streak
it's all about the chances , if you are lucky you may win and survive but nothing is totally working
also if you will bet X2 on roulette then I would say that Dice is better , Dice has lower house edge comparing it with roulette

[patt0]

There is a long topic about martingale, you should check it. Anyway I think it's a bad idea. You do have a big bank, and a 20 streak is a rare event (like 38% after a 1M rolls), but the main problem is that you will just not be allowed to double every single time because of the betting limits. A casino always have a limit that will force you to not be able to double after a not so rare event like 15 streaks etc. After that you will be with a big loss that will almost be impossible to recover because eventually you will face another loss with the bet limit etc etc