Quote: Originally posted by jimmy4164 on Feb 6, 2013
I'll pass on the book.
Assuming what you're refering to as a "Progressive" betting system is what is sometimes called the "Martingale," I think you might finally like one of my posts, at least the first part of it.
Here's the part you should like. It's an excerpt from Michael Bluejay's in depth analysis of the Martingale:
"Here's how the Martingale can make you more likely to win in the short term: You'll win most of your sessions, but your wins will be small. Then on the rarer times that you lose, your losses will be much greater. Like most things in life, it's a trade-off."
Before you click to read his full discussion, here's something else to think about. If you read my posts discussing the results of simulations of Pick-3 games that revealed how randomness produced Standard Deviations in the Returns of individuals making it possible to actually come out ahead even though the lotteries have a huge edge, you might have been encouraged. However, if you look back at those results, you will find that the number of long term winners was miniscule. The reason this is true is because of the huge 50% edge held by the lotteries.
If you really want to INCREASE YOUR CHANCES of becoming a short term winner, you are going to have to consider games where the house edge is significantly lower. Roulette and Craps are likely candidates. You decide how much you can afford to lose and how many hours you want to spend on the days you play. From those numbers you calculate your unit bet size, remembering the house limitations and the expected number of consecutive losses you can handle. Then just Go For It! You stop either when you go bust, or your predetermined time limit expires. As M. Blujay points out, if you choose your parameters correctly, you will have many winning days!
http://vegasclick.com/gambling/martingale-betting-system.html
Disclaimer: I don't recommend this style of betting when fighting a 50% House Edge!
--Jimmy4164