Martingale can work, it really depends on luck and your bankroll. While what you say is true, the 8 loosing streak can come very fast but to make profit you need to survive longer than 8 losses. I believe there was a player on BitDice some time ago who played martingale on something like 48.5% or something like that. He played for months and won over 100 BTC in the end, i think close to 200.
We all know someone who played and won some insane money. The question is: is martingale really that helpful in reaching this goal? And my answer is: not really.It is as you said yourself - if it depends on luck and bankroll then how much of it is real strategy left?
That can be say'd about the whole gambling scene, especially dice. Like every strategy it works till it no longer does and thats that, not more to say about it to be honest. Martingale also seems to be the favorite of many gamblers, be it regular martingale or a modified version (even reverse martingale)
