The Martingale Fallacy

Since this is my first article, I decided to break a serious myth regarding gambling strategies. Considered by many a good and successful betting strategy, the Martingale has put a lot of people into a rather uncomfortable position. I think that the Martingale strategy is misunderstood and it is not advisable to use it.

If you follow this strategy you will have to double your bet after every loss so that the first win would recover all previous losses plus win a profit equal to the original stake. After the first winning bet you continue with bets equal to the last one. I have to point out that this strategy is mathematically correct if the bookmaker's odd on which you are planning to place your bet is at least 2.00.

I believe that this strategy is not relevant, because it is related to large amount of betting "bank" and you might find yourself in an unpleasant situation. After all you have to enjoy the game. For instance if you start your series of bets with 2 units, after only 6 losing bets in a row you will have to bet 128 units. Imagine you place a bet of 128 for a win of only 2 units.

One of the greatest gambler's fallacy is the belief that an event which has not occurred recently is likely to happen in the present. A lot of gamblers follow this totally wrong decision and bet on the opposite of recent outcomes, which is the main idea of the Martingale. Unfortunately, it is not so difficult a long series of bets to result in losses. In such case, if you have followed the Martingale strategy, you will have to bet a large amount of your betting "bank" in order to try to cover your losses and have a profit of only 1 unit (the unit you have started betting with). I advise you not to do this and be reasonable and most importantly enjoy the game.

Undoubtedly, there are numerous of betting strategies. which are based on pure mathematics. However, most of them seem to more of the gamblers rather difficult to understand. Therefore, they tend to use much simpler strategies like the Martingale, ignoring those which can be of great assistance to them in the pursue of the right bets. In my opinion to enjoy the game at its fullest you should apply the rules of mathematics when gambling.