Derek Nalls wrote on Wed, Jun 16, 2010 02:18 PM UTC:
'You bet on one number, and when you lose, (the typical result), you do
what? Increase the bet?'
Yes.
It is a 'negative progression' betting scheme where (by definition) you
raise the bet after losses to recover them if you win. This one advances
as slowly as possible, with minimal profits, in order for your cash stakes,
within limits of the lowest and highest allowed bets, to last as many spins
as possible without busting. In this manner, risk is minimized.
The paper, now 40 pages, was substantially revised late June 15 to include
the calculation of a weighted average profit. Accordingly, I now classify
this betting scheme as a highly negative investment and advise that it
should never be used.
This can be regarded as just another mathematical demonstration of the
folly of gambling. [At least, with games of pure luck and no element of
skill.]