I am swearing off online gambling after a strategy I tried failed.
I believe it is called the Martingale strategy, where you double your bet after each loss, until you win.
The strategy runs into problems like a limited bankroll and a minimum betting limit. For example, at a table in a casino, you would fail relatively quickly because m (where I live at least) table minimums are $10. Upon several losses in a row you will be betting obscene amounts of money to make very little.
I thought online gambling was more advantageous because you can bet as little as 10 cents. The increments available to you are 10 cents, 50 cents, $1, $5, $10, $25, $50, and $100.
I bet $1 each time, doubling after my loss, and not participating in double downs unless it was an absolute no-brainer, like an 11 against a 6. I would never double down on higher bets than my dollar. I was in no hurry, and I didn’t want to lose any more than my dollar bet.
Playing this way, in a rapid fashion, very methodically, I was able to make a dollar often enough that after 20 minutes of play, I was able to make $100 profit. Putting aside that, once or twice, I often bet over $100 to make a profit of a single dollar, I think the profit is pretty decent for twenty minutes of work. And when I was lucky enough to hit blackjack on one of those higher bets my profit increased a lot. You can see how I thought I had outsmarted the system.
Now, I don’t need anyone to tell me this is a bad idea and a poor strategy. I almost had a heart attack every couple of minutes after a string of losses. I don’t gamble online anymore and have canceled my account.
But, here is my question. Had I bet merely ten cents, per bet, the probability would be much higher that I would have slowly amassed a profit. After all, compared to my $1 bet, that’s “two more chances” to win and start again. Though the process would be incredibly slow and not practical. Making a hundred dollar profit this way would conceivably take 10x as long as a dollar bet did. So is there some way to automate this process? Would some enterprising person be able to create a program to do this, without the online casino knowing?
Note: I am not a programmer and have no plans to be one.
But I am curious why the casinos would make the betting limits so low. It can’t be good for business when someone can make 100 off them in 20 minutes, by betting small and grinding. And one time, I bet 5 the same way and was able to make $100 in $5 minutes!
Enlighten me, Dopers!