Dear
Mark,
Since I don’t gamble very often and chances
of losing eight in a row are very remote, don’t
you think it’s logical to double my wager every
time I lose? Albert M.
I see
your logic, if you call it logic, but it isn’t.
What you are describing is called the Martingale System,
a historic name for doubling up after every loss.
In essence, you the gambler double your previous bet
(after a loss) to recoup that loss plus win back your
initial wager. It is probably—no, IT IS—the
worst money management system you can use. You would
think, logically, this form of betting is foolproof
because you have to win sooner or later.
The problem is, you
don’t have an inexhaustible bankroll, and our
friends who own the casinos will limit the maximum
size of your wager. Also, ask any gambler you know
if six or eight losses in a row is not unusual.
I’m experiencing it now with a computer program
that picks the pros in football.
But Albert, I really want you to think this through.
Here’s you. You bet $2 and lose, then $4 to
recoup your losses. Then $8, $16, $32, $64, $128,
$256, $512. Ka-ching, Kaa-ching, you invested $1,020
just to get your measly two bucks back. Oops, but
you were playing on a game that had a table limit
of $200. A string of six defeats and the casino
automatically protects itself plus sets your loss
limit at $252. Wiped out, Albert, in less than three
minutes.
The Martingale system is not logical, it’s
downright lethal. It’s so obvious, Albert.
No more, please.
