If this did really work there would be no gambling sites because they would be bankrupt because everyone would be using this method.
Gambling sites do lose a lot of money due to people gambling using the Martingale system. In fact, the majority of people who use the Martingale system properly will make money. There are gambling sites that have more losing days than winning days because they have a lot of customers who are using Martingale correctly.
Of course, they win a lot more. And when they have winning days, the amounts they win are *much* greater than the amounts they lose. That's what Martingale does. It's like a reverse lottery where the house gives you $1, but one in a million times they blow up your house, kill your children, and cut off a few of your fingers. (Perhaps the Hunger Games are a better analogy.)
Do you have a source on this?
The Martingale system can effectively be countered by a small spread between the minimum and maximum bet size allowed. 7
For example, if the min bet was .01
BTC and the max bet was 1.0
BTC then the gambler would only need a loosing streak of 7 in order to fail. After the 7th loss the better will have just placed a bet of .64
BTC and would need to bet 1.28
BTC in order to continue using the system properly. If they only bet 1
BTC and win then they would still be down .28
BTC