Simple, because it is the most well known strategy as well as the easiest strategy to implement. This strategy existed long time ago before we know about dice game, because it came from math logical thinking by doubling bet on every lose may get us a win eventually.
What is the probability of winning with you? I mean, what is the probability are you using? Is it 50% or a custom probability?
I've seen some 15+ streaks of losses before. These streaks is what makes the martingale strategy a technique that won't be viable in the long run. Gamblers think they can make their money back when they keep doubling up but eventually they will reach one of those nasty losing streaks.
I don't know why most people in here are using the martingale strategy. Yes, it's quite a strat but I can't see it as a strategy that will help you cope up your loses. After all gambling is like a game, you need to adjust whenever you feel like it. And when you feel like winning, you can just all in and win.
Well almost everyone starting with dice tried that strategy and they are cured after the first long red streak . I still don't like the part to wager a lot to just win the first loss back.
Yes, doubled our bet amounts just to chase our first loss seems so weird but people do it most of the time. The risk is quite bigger for small amount we want to get back. It is for sure that martingale isn't the good method to be used especially for long playing.
I think martingale is good when the probability of winning is 50%. I noticed also that when you are in a streaking red, you can always come back anytime soon in green. Not always that accurate but sometimes it is.