Progressive Betting Roulette

Introduction

Roulette Progressive Betting Help? Ok so I've thought this through for about a month now. I actually would like to be told this is more risky that it seems, so that I dont actually try it and loose, but I would like to make some money everynow and then and I hate to play games where I loose ALL the time. The maximum amount allowed to be wagered on a single bet in European roulette is based on a progressive betting model. If the casino allows a maximum bet of $1,000 on a 35-to-1 straight-up, then on each 17-to-1 split connected to that straight-up, $2,000 may be wagered. Each 8-to-1 corner that covers four numbers) may have $4,000 wagered on it.

Bond’s roulette strategy has flat betting at its core. This means that no matter if the player wins or loses, the wagering amount stays the same for every round. Nevertheless, in an attempt to overcome the house edge, gamblers often try to combine Agent 007’s strategy with progressive betting.
Progressive Betting Systems Progressive betting systems have long been popular with gamblers. This is probably down to two primary reasons. The concept of such systems is really quite simple and they are easy to use.
Progressive Betting Strategy. This is one of the most popular roulette betting tricks or techniques you will find online. This technique makes use of progressive dynamics, meaning, it requires you to progress and top your bet based on the result of a spin. Depending on the outcome of your spin, you would have to either increase or decrease your.

Not only do betting systems fail to beat casino games with a house advantage, they can’t even dent it. Roulette balls and dice simply have no memory. Every spin in roulette and every toss in craps is independent of all past events. In the short run, you can fool yourself into thinking a betting system works, by risking a lot to win a little. However, in the long run no betting system can withstand the test of time. The longer you play, the ratio of money lost to money bet will get closer to the expectation for that game.

In the many years that run this site, I have received thousands of e-mails from believers in betting systems. Their faith surpasses religious levels. However, in all things, the more ridiculous a belief is the more tenaciously it tends to be held. Gamblers have been looking for a betting system that works for hundreds of years, and yet the casinos are still standing.

Gambler's Fallacy

The biggest gambling myth is that an event that has not happened recently becomes overdue and more likely to occur. This is known as the “gambler’s fallacy.” Thousands of gamblers have devised betting systems that attempt to exploit the gambler’s fallacy by betting the opposite way of recent outcomes. For example, waiting for three reds in roulette and then betting on black. Hucksters sell “guaranteed” get-rich-quick betting systems that are ultimately based on the gambler’s fallacy. None of them work. If you don’t believe me here is what some other sources say on the topic:

A common gamblers’ fallacy called “the doctrine of the maturity of the chances” (or “Monte Carlo fallacy”) falsely assumes that each play in a game of chance is not independent of the others and that a series of outcomes of one sort should be balanced in the short run by other possibilities. A number of “systems” have been invented by gamblers based largely on this fallacy; casino operators are happy to encourage the use of such systems and to exploit any gambler’s neglect of the strict rules of probability and independent plays. — Encyclopedia Britannica (look under “gambling”)

No betting system can convert a subfair game into a profitable enterprise... — Probability and Measure (second edition, page 94) by Patrick Billingsley

The number of ‘guaranteed’ betting systems, the proliferation of myths and fallacies concerning such systems, and the countless people believing, propagating, venerating, protecting, and swearing by such systems are legion. Betting systems constitute one of the oldest delusions of gambling history. Betting systems votaries are spiritually akin to the proponents of perpetual motion machines, butting their heads against the second law of thermodynamics. — The Theory of Gambling and Statistical Logic (page 53) by Richard A. Epstein

Vegas Click also has a good expose of the gambler’s fallacy.

The Martingale

Every week I receive two or three emails asking me about the betting system by which a player doubles his/her bet after a loss. This system is generally played with an even money game such as the red/black bet in roulette or the pass/don’t pass bet in craps and is known as the Martingale. The idea is that by doubling your bet after a loss, you would always win enough to cover all past losses plus one unit. For example, if a player starts at $1 and loses four bets in a row, winning on the fifth, he will have lost $1+$2+$4+$8 = $15 on the four losing bets and won $16 on the fifth bet. The losses were covered and he had a profit of $1. The problem is that it is easier than you think to lose several bets in a row and run out of betting money after you’ve doubled it all away.

In order to prove this point, I created a program that simulated two systems, the Martingale and flat betting, and applied each by betting on the pass line in craps (which has a 49.29% probability of winning). The Martingale bettor would always start with a $1 bet and start the session with $255 which is enough to cover 8 losses in a row. The flat bettor would bet $1 every time. The Martingale player would play for 100 bets, or until he couldn’t cover the amount of a bet. In that case, he would stop playing and leave with the money he had left. In the event his 100th bet was a loss, he would keep betting until he either won a bet or couldn’t cover the next bet. The person flat betting would play 100 bets every time. I repeated this experiment for 1,000,000 sessions for both systems and tabulated the results. The graph below shows the results:

As you can see, the flat bettor has a bell curve with a peak at a loss of $1, and never strays very far from that peak. Usually the Martingale bettor would show a profit represented by the bell curve on the far right, peaking at $51; however, on the far left we see those times when he couldn’t cover a bet and walked away with a substantial loss. That happened for 19.65% of the sessions. Many believers in the Martingale mistakenly believe that the many wins will more than cover the few losses.

In this experiment, the average session loss for the flat bettor was $1.12, but was $4.20 for the Martingale bettor. In both cases, the ratio of money lost to money won was very close to 7/495, which is the house edge on the pass line bet in craps. This is not coincidental. No matter what system is used in the long run, this ratio will always approach the house edge. To prove this point consider the Martingale player on the pass line in craps who only desires to win $1, starts with a bet of $1, and has a bankroll of $2,047 to cover as many as 10 consecutive losses. The table below shows all possible outcomes with each probability, expected bet, and return.

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Number of losses	Final outcome	Highest bet	Total bet	Net outcome	Probability	Expected bet	Expected return
0	Win	1	1	1	0.49292929	0.49292929	0.49292929
1	Win	2	3	1	0.24995001	0.74985002	0.24995001
2	Win	4	7	1	0.12674233	0.88719628	0.12674233
3	Win	8	15	1	0.06426732	0.96400981	0.06426732
4	Win	16	31	1	0.03258808	1.01023035	0.03258808
5	Win	32	63	1	0.01652446	1.04104089	0.01652446
6	Win	64	127	1	0.00837907	1.06414175	0.00837907
7	Win	128	255	1	0.00424878	1.08343900	0.00424878
8	Win	256	511	1	0.00215443	1.10091479	0.00215443
9	Win	512	1023	1	0.00109245	1.11757574	0.00109245
10	Win	1024	2047	1	0.00055395	1.13393379	0.00055395
10	Loss	1024	2047	-2047	0.00056984	1.16646467	-1.16646467
Total					1.00000000	11.81172639	-0.16703451

The expected bet is the product of the total bet and the probability. Likewise, the expected return is the product of the total return and the probability. The last row shows this Martingale bettor to have had an average total bet of 11.81172639 and an average loss of 0.16703451. Dividing the average loss by the average bet yields .01414141. We now divide 7 by 495 (the house edge on the pass line) and we again get 0.01414141! This shows that the Martingale is neither better nor worse than flat betting when measured by the ratio of expected loss to expected bet. All betting systems are equal to flat betting when compared this way, as they should be. In other words, all betting systems are equally worthless.

Here is another experiment I conducted earlier which proves the same thing as the experiment above. This one is played against roulette testing three different systems. Player 1 flat bet a $1 each time. He was not using a betting system. Player 2 started a series of trials with a bet of $1 and increased his wager by $1 after every winning bet. A lost bet would constitute the end of a series and the next bet would be $1. Player 3 also started a series of bets with a bet of $1 but used a doubling strategy in that after a losing bet of $x he would bet $2x (the Martingale). A winning bet would constitute the end of a series and the next bet would be $1. To make it realistic I put a maximum bet on player 3 of $200. Below are the results of that experiment:

Player 1

Total amount wagered = $1,000,000,000
Average wager = $1.00
Total loss = $52,667,912
Expected loss = $52,631,579
Ratio of loss to money wagered = 0.052668

Player 2

Total amount wagered = $1,899,943,349
Average wager = $1.90
Total loss = $100,056,549
Expected loss = $99,997,018
Ratio of loss to money wagered = 0.052663

Player 3

Total amount wagered = $5,744,751,450
Average wager = $5.74
Total loss = $302,679,372
Expected loss = $302,355,340
Ratio of loss to money wagered = 0.052688

As you can see the ratio of money lost to money wagered is always close to the normal house advantage of 1/19 ≈ 0.052632. In conclusion, varying of bet size depending on recent past wins or losses makes no difference in the long run outcome and is no different than always betting the same.

A Third Experiment

“An Old Timer’s Guide to Beating the Craps Table” was a betting system that makes big promises about turning the craps tables into your own personal cash register. I offered to test his system for free. Here are the results.

The Cancellation Betting System

Despite all my warnings about betting systems, readers continually ask me to suggest one. To satisfy those who enjoy playing systems I have done a full explanation and analysis of the cancellation betting system.

Don't Waste Your Money

The Internet is full of people selling betting systems with promises of beating the casino at games of luck. Those who sell these systems are the present day equivalent of the 19th century snake oil salesmen. Under no circumstances should you waste one penny on any gambling system. Every time one has been put to a computer simulation it failed and showed the same ratio of losses to money bet as flat betting. If you ask a system salesman about this you likely will get a reply such as, “In real life nobody plays millions of trials in the casino.” You’re likely to also hear that his/her system works in real life, but not when used against a computer simulation. It is interesting that professionals use computers to model real-life problems in just about every field of study, yet when it comes to betting systems computer analysis becomes “worthless and unreliable,” as the salesman of one system put it. In any event, such an excuse misses the point; the computer runs billions of trials simply to prove that a system is unsound. If it won’t work on a computer, it won’t work in the casino.

Gambling systems have been around for as long as gambling has. No system has ever been proven to work. From an inside source, I know that system salesmen go from selling one kind of system to another. It is a dirty business by which they steal ideas from each other, and are always attempting to rehash old systems as something new.

System salesmen usually promise ridiculous advantages. For example, even with just a 1% advantage on an even money bet, it would not be difficult to parlay $100 into $1,000,000 by betting in proportion to bankroll. I was asked to prove this claim so I wrote a computer simulation based on the toss of a biased coin, with a 50.5% chance of winning. At all times the player bet 1% of his bankroll, rounded down to the nearest dollar. However, if a winning bet would put the player over $1,000,000 then he only bet as much as he needed to get to exactly $1,000,000. In addition, I ran simulations with a 2% advantage and for a starting bankroll of $1,000. Following are the results of all four tests.

$100 Bankroll, 1% Advantage

Bets won = 7,182,811,698 (50.4999%)
Bets lost = 7,040,599,544 (49.5001%)
Player achieved $1,000,000 first = 79,438 (83.019%)
Player went bust first = 16,249 (16.981%)
Average number of bets to reach $1,000,000 = 174,972 (364.5 days at 8 hours per day, 60 bets per hour)

$100 Bankroll, 2% Advantage

Bets won = 7,027,117,205 (51.0000%)
Bets lost = 6,751,539,769 (49.0000%)
Player achieved $1,000,000 first = 215,702 (98.099%)
Player went bust first = 4,180 (1.901%)
Average number of bets to reach $1,000,000 = 63,775 (132.9 days at 8 hours per day, 60 bets per hour)

$1,000 Bankroll, 1% Advantage

Bets won = 5,213,026,190 (50.4999%)
Bets lost = 5,109,817,544 (49.5001%)
Player achieved $1,000,000 first = 74,818 (99.0285%)
Player went bust first = 734 (0.9715%)
Average number of bets to reach $1,000,000 = 137,208 (285.8 days at 8 hours per day, 60 bets per hour)

$1,000 Bankroll, 2% Advantage

Bets won = 6,332,837,070 (50.9996%)
Bets lost = 6,084,596,671 (49.0004%)
Player achieved $1,000,000 first = 267,445 (99.9996%)
Player went bust first = 1 (0.0004%)
Average number of bets to reach $1,000,000 = 46,428 (96.7 days at 8 hours per day, 60 bets per hour)

These simulations prove that with just a small advantage of as little as 1% and a bankroll of as little as $100 you can grind your way to a million dollars through the gambling equivalent of compound interest. Yet you never hear of this actually happening. Could it be that these gambling systems don’t work after all?!

Here are some examples of system salesmen who try to take advantage of the mathematically challenged. There are hundreds of sites like these on the Internet, and this list is just a sampling. Frequently these sites vanish in the middle of the night, or suddenly direct traffic to a porn site. Please do let me know if any of these links don’t work or take you to other than the intended place.

Also, be warned that there are many others out there selling get rich quick gambling schemes that claim they are not betting systems. These sites usually throw out lots of fancy physics words like “chaos” and “fractals,” but display no evidence they know what these words mean. In the past, I have listed some such sites above but got angry letters claiming I shouldn’t criticize what I don’t understand. Personally, I feel that every method claiming an easy way to beat the casinos is a scam, and I don’t need to understand whatever the secret is. However, to be totally fair, I’ll only list betting systems above since those have been mathematically debunked by computer simulations. If anyone did find a truly easy way to beat the casinos, why aren’t they getting rich doing it?

Progressive Betting Roulette

The Wizard of Odds Challenge

For about six years, from 1999 to 2005, I offered $20,000 to anyone with a betting system that could show a profit over a one billion hand computer simulation. Here you can find the rules of the challenge. However, in all this time I only had one serious taker and hundreds of people wasting my time, pretending to be interested but never following through. So in January 2005, I took down the offer.

My webmaster, Michael Bluejay, now offers essentially the same challenge on his own site, VegasClick.com. If you accept his challenge, and win, I will be happy to state as such on the front page of this site, for proving the experts wrong.

A Fourth Experiment

On October 19, 2004, Daniel Rainsong accepted my challenge. Mr. Rainsong was so confident he would win he doubled the stakes to my $40,000 against his $4,000. Although the rules of the challenge are based on craps or roulette I allowed this challenge to be based on blackjack rules with a house edge of only 0.26%. Can a betting system beat a game with a house edge this small and a 1,028 bet spread? Visit my Rainsong Challenge page for all the details.

Please, Don't Write

I no longer respond to e-mails that suggest a player can beat a negative expectation game over the long run with a betting system. Such e-mail is deleted on sight. I have said all I have to say on the topic here and in my Gambling FAQ.

If you really want to discuss the topic, then I invite you not to do so at my forum at Wizard of Vegas, but instead one where you will be among like-minded people, like the forum atJohn Patrick's site (Update: This site has, not surprisingly, gone the way of the dodo bird).

Internal Links

Oscar's Grind betting system.
Labouchere betting system.
Fibonacci betting system.

External Links

Betting Systems and the House Edge, an article by Ph.D. mathematician Eliot Jacobson debunking betting systems.
Betting Systems, an article by Michael Bluejay of VegasClick.
German translation of this article.
Debunking the “No Risk Don’t Come” betting system.

Written by: Michael Shackleford

Sports Betting Myths

The world of gambling is crowded with myths and legends. People tend to believe just about anything they read about gambling – the idea that a slot machine can be hot or cold, the insistence that betting a certain way can influence your odds at the roulette wheel, and even superstitions among fans that they swear will help their team win are all widely-accepted falsehoods, and plenty more exist. A list of betting myths could run into the hundreds of pages – our brains are designed to look for patterns, and when money is on the line, people tend to go a little overboard.

The five sports betting myths described below are the biggest beliefs that lead to mistakes among sports gamblers. Avoiding these myths will keep your bankroll secure and prevent you from making the kinds of errors common among newcomers to the sports betting market.

The Smart Money is on the Favorite

Most people overestimate the strength of a particular team or player. Professional sports handicappers, armed with the knowledge that pro sports leagues are extremely balanced in terms of skill, spend hours researching games and poring over statistics to lay odds. In most leagues, there is a tremendous amount of parity – the cliché that any team can win on “any given Sunday” is true, since there is very little difference between the skills of different pro teams and athletes.

Always betting on the favorite is not a valid strategy for winning. Team A may have athletes with better raw skill, but Team B may have a coach that can motivate his players to beat their more-skilled opponents. With point spreads thrown into the mix, you can see how it is easy for the team that everyone thinks is inferior to over-perform; often a field goal late in an NFL game or a random home-run in Major League Baseball can mean a difference of millions of dollars won or lost around the world.

Betting on underdogs is often a winning strategy because of the way games are played.

Professional sports teams tend to act conservatively in order to preserve a win. It isn’t often that a team with a lead will make any risky moves to score additional points; the vast majority of coaches will do everything they can to simply hold onto a lead, rather than risk a lead change. The losing team takes the opposite approach, trying anything they can to score points up to the last second of a game. That’s why sports gamblers who always bet favorites are making a mistake; it is much easier for an underdog to beat a point spread than it is for an odds-on favorite to totally blow out the competition.

Professional Sports are Fixed

Progressive Gambling Roulette

When NBA referee Tim Donaghy resigned in 2007 amid speculation about referees fixing the outcome of games, sports media on talk radio and TV went nuts. The idea that some outside force is at work to fix the score or the outcome of a game is particularly distressing to sports gamblers. The truth is, the actual influence that a referee or player can have on a contest between two teams is minimal, and the Tim Donaghy scandal was an extremely rare case. Pro sports leagues and collegiate sports authorities go out of their way to look into the backgrounds and behaviors of their officials and refs. In fact, Donaghy’s story was so outstanding because he was the first official in a very long time to be associated with any sort of game-fixing.

Consider that the high salaries of today’s professional athletes make them less likely to accept payment in exchange for throwing a game. The infamous 1919 World Series scandal that brought down Shoeless Joe Jackson and seven of his White Sox teammates came at a time when professional athletes were paid far less than they are today; a low salary made it difficult for Jackson and his teammates to turn down large sums of money from gamblers looking for an advantage. Now that athletes earn millions of dollars per season, it’s difficult to imagine the sum of money it would take to convince them to intentionally play worse and fix a game.

Sports Analysts Pick Winners

It’s easy to turn on ESPN or open your local newspaper to find picks for this week’s big games. ESPN turned sports reporting into a 24-7 news avalanche, providing fans up-to-the-minute sound bites on Eli Manning’s right pinky toe or the record of an NFL team on turf versus natural grass. Because sports analysts and talking heads are so visible, it’s easy to follow their lead and bet based on what they report.

But sports journalists are not professional handicappers. Follow the track record of a given sports expert and you’ll likely be disappointed by his or her record in picking winners. Want a real-world example? The combined picks of the sports experts at the New York Post over the last two decades have never once hit the 50% mark. People who are paid to write or talk about sports are creating entertainment and are paid to keep people reading their paper or watching their station. They are far less concerned with the way their picks actually perform than professional handicappers. The bottom line is that betting based solely on the opinion of a sports expert is a losing proposition.

Progressive Betting Systems Help You Win

Progressive betting systems have been around as long as gambling. With roots in casino gaming, these systems for placing wagers in a particular way are designed to sound like they can’t lose, and people who follow progressive betting systems are buying into the idea that the way they wager somehow influences the outcome of a contest.

Progressive betting in sports wagers is just as ridiculous as the same style of betting in craps or roulette. These systems go by many different names, but all follow a similar pattern, instructing bettors to double a losing bet or cut their wager in half when they win. Serious gamblers can see the flaw in this line of thinking without too much effort; the amount you bet on a game has no impact on your likelihood of winning. Don’t fall for any chain email or around-the-water-cooler myth that promises wins if you place wagers a certain way. Instead, spend your time looking into the teams and players in the games you’re going to wager on and make your gambling decisions based on tangible things.

Researching One or Two Stats Gives You an Advantage

The average sports bettor doesn’t have the amount of time that a bookmaker has to research an upcoming game. That leads people to compare one or two statistics and place their money on the team or player that performs better in those few categories. Let’s face it, it’s easier to look at an NFL team’s yards-per-game number and compare it to their opponents’ points-allowed-per-game state and make a selection than it is to do the kind of hardcore research that bookmakers do to handicap games. Stats are overrated in terms of their meaningfulness in head-to-head competition. When you place a bet at a big-name sportsbook, remember that you’re going up against a team of pro handicappers who do more than look at a starting pitcher’s road record. Placing smart sports bets means more than comparing two sets of numbers, and league parity means that some teams or players will have a randomly poor performance and some will play above their average.

These are just a few of the sports betting myths that lead bettors to make big mistakes when it comes time to lay down a wager. Avoid these common pitfalls in logic and you are more likely to be a successful sports gambler.