Name
The Martingale System

Aka
Double or nothing.

Victim
Gamblers and casinos.

Crew
One

The Scam
The martingale system is a method of gambling that claims to never fail. In theory, this is true. In practice, it's a lot harder to win!

The system runs by two simple rules.

  1. Every time you win, bet the same amount of money again.
  2. Every time you lose, bet double however much you just lost.

The gambler recovers all previous losses with the next single win.

However, the martingale system only works in casinos with no table limits and where the gambler has unlimited money. And why would someone with unlimited money make sometimes huge bets just to win a small amount of money?

For example,
  • The gambler loses once, he doubles his bet from $10 to $20
  • The gambler loses twice, he doubles his bet from $20 to $40
  • The gambler loses three times, he doubles his bet from $40 to $80
  • The gambler loses four times, he doubles his bet from $80 to $160
  • The gambler loses five times, he doubles his bet to $320.
  • The gambler loses a sixth time and doubles his bet to $640.

After six losses, the gambler has reached the table limit of $1000. If he loses this time, he can not double his bet again (unless he moves to high rollers room). Even if he wins, he is risking $640 in order to win just $10.

This situation of losing six times will happen 1 in 64 times.
The other 63 times the gambler will win just $10 giving him a total of $630.

Therefore, in the long term, the gambler will always end up reaching his cash limit or the table limit and losing it all!

Variations

Selling: Often, when con artists sell a 'betting system' that they claim wins everytime, they will sell the martingale system. Often, they will 'prove' that their systems works using the same marketing technique found in stock tips.

1 3 2 6 Systems: Since it is easy to understand why the martingale system does not work, the 1 3 2 6 system confuses them enough into thinking it just might work.

Anti-Martingale: Instead of doubling on a loss, the gambler doubles on a WIN!

Take
As a gambling technique, the take is zero. As a method for seperating suckers from money, the take is much more considerable.

Created by Nicholas J. Johnson
Australia's Honest Con Man
www.conman.com.au