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Now, I am getting the correct result.

With the proper weighted average profit considered (which is much lower
than the actual average profit), it requires 1950-1951 successful,
consecutive uses (on average) of this betting scheme to double your money
while it requires only 1100-1101 uses to reach a 50% risk of busting and
losing all of your money.

As a double-or-nothing bet, there is a 70.72% chance of ending-up with
nothing.