SportsInsights.com Article -- Martingale Systems and Scamdicappers
A few months ago, we published an article that debunked one of the more popular scamdicappers on the internet. In this article, Sports Insights looks at how some scamdicappers use math and marketing to look good, but they add little or no value to their customers' accounts. The information on this site is for entertainment and educational
Martingale SystemsMartingale approaches and results often seem tantalizingly easy to most people. Everyone wants to find a "system" that works and makes some money, and why shouldn't it work, right? These systems often rely on human nature and the over-confidence of most gamblers by increasing bet size during a losing streak. The Yankees can't get swept in a series, right? We have an edge, so we shouldn't lose too many in a row, right? The gambler thinks,
"let's double our bet and make some money back." Unfortunately, in the vast majority of cases, the probability of winning the next play is independent of the past (as in the famous quote: "luck has no memory.") The gambler is merely increasing his bet size, with no increase in expected value or profit. The gambler is therefore increasing his "risk of ruin." There are many variations of Martingale systems, but let's first take a look at the classic Martingale system.
Classic Martingale System - Double Your Bet Until You Win