Martingale is a popular method some gamblers use to increase their chance in dice games.
First I describe this method for those that are not familiar with this method.
In this method, players increase the amount of the next bet when they lose. They increase the amount of bet to cover all the previous losses. This increasing continues until they finally win. They believe that it's impossible to loss all the bets and they will finally win a bet.
Here I want to calculate the chance of winning when players use this method.

Let's assume that a player has 1 bitcoin and starts with 1 Satoshi. I guess I have considered the bet increment as small as needed.
I also assume that the bet odd is 2 and win chance is 49%.

So, If I bet to double my bitcoins my chance is 49%.
But I will use Martingale strategy to increase my chance. I bet 1 Satoshi, If I lose I double the amount of the bet. Whenever I win, the amount of my next bet is 1 Satoshi.
The amount of bets are:
1, 2, 4, 8, ...........

My 26th bet will be 33,554,432 Satoshis. If I lose this bet I cannot double my bet. Because I have already lost 67,108,863 Satoshis and my balance is only 32,891,137 Satoshis,
But no problem. I can try my luck 26 times. It's impossible to lose 26 times in a game with 49% chance of win.
The chance of losing 26 times is
[(0.51)^26] = 0.0000000249

So The chance of winning at least one of the 26 bets is
[1-0.0000000249] = 0.9999999751
It's great. It's impossible to lose. I will always win. I will become rich soon.

I will repeat this 100,000,000 times to double my bitcoin. I will have 2 bitcoins soon.

Every time I use this method, my chance is 0.9999999751 and my chance of winning for 100,000,000 times is

[(0.9999999751)^100000000] = 0.0829

Did you see what happened?

Martingale strategy decreases your chance. Avoid it.

https://bitcointalk.org/index.php?topic=2570086.0
https://bitcointalk.org/index.php?topic=610339.0
https://bitcointalk.org/index.php?topic=2995887.40
https://bitcointalk.org/index.php?topic=5112216.80
https://bitcointalk.org/index.php?topic=5166446.0
https://bitcointalk.org/index.php?topic=2098050.0

All of these threads prove out regarding Martingale.

Martingale is a high risk level of trying to be profitable. Of course it is gambling and one of the methods. If it doesn't work for one does not mean it doesn't work for another but one thing we know is that it involves high risk and can wipe you off.

Even if you have all 21,000,000 million bitcoins in your balance it is mathematically proved that martingale strategy decreases your chance. The more you reduce the initial bet and increase your balance, the more you have to repeat the game to win a certain amount. Your chance of winning one game is increased, but your chance of winning the games for n times decreases.

Martingale strategy is a part way to lose money in gambling and I am an example of that. I lose in dice playing using martingale strategy in July and I have not recovered from the loses up till now. It is something that doesn’t work and I do depend on my luck since I lost huge in that. No strategy work! Only luck work in gambling.

Martingale is very attractive to use because you will always have a chance to regain your losses, but you will eventually lose, the only circumstances that you are going to win in Martingale are when you have unlimited funds to chase your losses.

I would not recommend martingale to newbies or those with limited funds it's a sure way to lose all your funds.

Considering that you have unlimited funds but the house have a limitations, you also needs to consider that because of such limitations your chances to recover your loses will be not for sure, martingale has been a long time since many gamblers already loses using this system it's best to have your own style of playing to maximize your enjoyment.

Huge bankroll + extreme luck is what makes Martingale system really works.

If your try to used it with limited bankroll then you are going to be busted soon. But if you get lucky you can extend your run. But in the gambling, the longer you played, the chances of you winning is is multiply because of the house edge.

So this is very effective if you have that two element but at the end of the day, house edge will take over. Winners here do have a lot of control so if you are greedy even though you already won because of this strategy then it's really your fault.

Maybe like what people said above, martingale always discussed and there are no positive response about it. It means martingale is really bad and a lot of people already know it. For me, with any % that we increase our bet, every single click means different and chance is almost same. For me martingale not increase our winning chance because every single click will have same chance of win or lose. Only if we win, we can get back money that we already lose.

Martingale is just a strategy, and this doesn't assure with the winning. It helps with increasing the probability of winning. As one of the user mentioned, if one has unlimited sum of funds then martingale will be more effective. This is all because of the lack of fund will cause a fearful spending which itself assure the loss.