Has anyone personally ever used this money making method before?

From his page:

Spin 1 - Start with $1 on RED, the ball lands on GREEN so you lose $1
Spin 2 - Double to $2 on RED, the ball lands on RED so you win $2
End of cycle... Lost $1, won $2, making a $1 profit!

Ha, this is why I don't gamble any more - looks like you have to win sooner or later assuming you have enough cash to keep doubling your bet. And then you win your $1, or I guess if you do it in multiples of $10, you win $10 at least.

OK I give, what am I missing - why is it a scam that will see me lose my life savings (if I had any!)? I never get these mathematical trivia questions right - where the hell did the extra $3 come from with the hotel room story! :p :D
 
LOL

Yes it will work if you can continually double your bet until payout/win. Starting with a 1 dollar bet can you sustain a losing streak of 20 games?

Do the sums.

Ah I see! 11 bets against you and you're already up to a cumulative $2,047 for a potential $1 pay out! Still, I guess in theory you can't argue that it's a guaranteed system, albeit with a horrible rate of return for your $ and time required! :D
 
Two points to bear in mind.

First your chances on each go are 50:50, completely independantly of whatever happened in all previous turns.

Second, as a result of the first point, it is quite common for runs of 10 or more reds in a row. Most people dont realise that in random sequences events aren't spread out evenly (it would be non-random if they were), instead events are often grouped together. If you have had 5 reds in a row or 50, the odds of having another red on the next turn are still 50:50.

If you had to double $1 twenty times, thats $500,000 you have to put up for the last turn alone, not including all those before it.

http://en.wikipedia.org/wiki/Fooled_by_Randomness

http://en.wikipedia.org/wiki/Gambler's_fallacy
 
I loved the bit in the beginning warning suckers that another scam artist had pilferred his scam idea and to be wary that prospective suckers should only lose money on his system rather than the copycats. :p

Hahahahahahahaha

Oh, the magic of compounding consecutive losses. :eek: Well explained .toe :)
 
Back when I was 18 and still knew everything, I went to the local casino to give this a try. In two hours I turned $50 into $550.

Towards the end I distinctly remember looking down at the spinning roulette wheel, and looking at the $200 bet I had just placed on red, and thinking "what the hell am I doing...?" That $200 represented well over a week's income for me at the time.

But sometimes we get lucky - red came up, the bet was paid, and I took my winnings (including $100 in chips still in my pocket) of $500 profit, and left.

How often do I play roulette (or gamble) now? Never. I was a stupid kid who got lucky. The system helped, but it could just as easily have gone the other way. Regardless of the events that went before, that roulette spin could have come up black, or even green (the zero), meaning I had less than 50% chance of pulling it off.

I guess sometimes we learn from good experiences too.
 
Doesn't the zero and double zero make the odds less than 50/50?

yes it very much does - stupid american roulette with another bloody zero to foil my plans

this method got described to me as a 19 yr old by an overenthusiastic 18 yr old. So I mentioened it my 50+ yr old manager at the time who hsed to be a bit of a punter, he considered for ab out .01 of a second and called it gambling suicide.
 
What if it comes up green?:confused:

That's the house "edge". You have a 1/37 chance of green, 18/37 of red and 18/37 black.

%ages are 2.7% green, 48.6% red/black. And if you have 2 greens (0, 00) then obviously that swings just that little further into the house odds (roughly 5%, 47.5%/47.5%.)

Heard a story from a croupier of a run of 36 black in a row. 2[sup]36[/sup] = $68,719,476,736!! :eek:

And a lot of casinos will also have a table limit, so even if you had deep enough pockets to try, you will probably hit the limit fairly quickly.

I suspect that site is set up by affiliates of the casinos, who get paid for every referencable customer they bring in.
 
Doesn't the zero and double zero make the odds less than 50/50?

Yep.
There's only one side of that bet to be on and that's the "house".
Ftr the most I seen is 22 reds in a row. I watched them fall over themselves to bet red as it just kept coming up. After 10 times the $500 come out and keep piling up... a few did win at the end, but the house made a killing.
Another time 18 reds and another 16 reds. I'm sure the casinos love it when that happens.

That link i just a sucker looking for more suckers.
And of course he gets a commission for anyone signing up to those casinos.
 
Martingale progression = Fail !!!

If you can't win at level stakes, no progressive staking system will reverse your destiny.
No staking system can beat a negative expectancy.

Playing a percentage of bankroll with a positive expectation is the only way to win in the long run, pretty much what positive investing is.
 
Gambling venues are not there to raise money for charity.

They are there because they are a business - to make money.

They make it out of YOU losing.

Some will win some of the time, but in the long term (or even short term) the house will win.
 
Which is why I get annoyed when 'uneducated' people liken long-term investing in the share market to a casino!

A casino wants to take your money and keep it; businesses on the share market want to take your money, make it into more money and give it back to you with 'interest'.

The best way to make money out of gambling is to buy shares in a company that owns casinos! :D
 
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