Having come up with a similar idea myself at the age of 10, as written in the "About Me" section of this blog, at least I had the excuse of inexperience:
The first system I came up with was a simple one - back the favourite and double up after a loss until a winner. Simple enough in theory, and I told my Dad about it. Not being a betting man himself, he ran it by some of his colleagues, and came home to tell me that it wouldn’t work because a long losing run would mean that the bank would be empty.I may have mentioned this story before, but some years ago a friend told me that he was going to Las Vegas and had a guaranteed winning system. It was the 'double up after a loss on any of the even money shots' on Roulette. When I pointed out the flaw in his cunning plan, he said to me - "Ah! But here's the clever part. I wait until something has lost three times in a row before starting to bet on it". So after three consecutive reds for example, he bets on black. Not for the first time in my life, someone failed to be convinced by my logic, but he is still working (and betting) so it appears his fortune is yet to be made.
Why anyone would try this progressive system by betting on Draws or the numbers 1 to 12 on a Roulette wheel is even more puzzling. Fewer than one draw in three (unless you are following the XX Draw selections perhaps) ends up as a winning bet, so you are soon going to hit a long enough losing run to scupper the whole idea, either by hitting the house limit in the casino, or the limit in your bank account.
At odds of 2-1 or greater, there is no 'need' to double up. You only 'need' to double up after a loss if you are betting at evens - 'need' here meaning to recover previous losses, but I would question why you 'need' to recover the loss in one bet anyway. When you have a negative expectancy on each individual bet, you are doomed long-term anyway - but even if you do have an edge in say sports betting, the size of your stake should be determined by the size of your edge on that specific bet, not on the size of previous losses.
Flash concludes the post saying that:
I remember him saying that with roulette you had the best odds of all the games in the casino, ie the odds were the closest to the true odds of all their games. The way you should look at it is that the casino always has the edge, so don’t even bother especially with a system like this.This is not true however. The house edge on a single zero Roulette wheel is 2.7% (on the American double zero it is 5.26%) .
My own favourite casino game is Craps, and here the house edge on the Don't Pass / Don't Come bet is 1.36%, although I prefer to play the more usual Pass / Come bets at a 1.41% edge to the casino.
The numbers vary for Blackjack as casinos have different rules, but in Las Vegas, in a casino offering 'liberal' rules - i.e. a Dealer stands on soft 17, player may double on any two cards, player may double after splitting, resplit aces, late surrender - the edge is just 0.28%.
Baccarat also offers relatively good value, the edge being as low as 1.24% (as a player) or 1.06% (as a banker).
The way you should look at casino games is this - they are entertainment. Expect to lose, but an occasional visit is a lot of fun, and can be profitable. The likelihood of winning in the short-term is increased by playing the low house edge games.
For me Craps is perfect - a low house edge and great entertainment for a few hours. A couple of hundred dollars usually last a few hours in Las Vegas if you find a low minimum bet table (on the Strip, table minimums are generally higher, especially at weekends), and the drinks are all free. Watch the time though - in my younger years (a ridiculous expression, since I have never been as old as I am now), I once stood at a table for over eight hours before they closed it down at 5am. It was a good job they did - I almost missed my flight home. With no windows, plenty of free oxygen, and a constant stream of gamblers coming to the table, it's easy to lose track.
Bet for long enough, and casinos will often comp you a meal or even a room for the night. It doesn't matter if you are winning or losing - you earn credits by putting in the time. It's almost guaranteed that you will meet some interesting people while you are playing, from drunk girls who can't keep the dice on the table, to serious looking gamblers who carefully select their dice and align them in a special way, which strangely seems to result in the exact same outcomes as when you cast them without care.
And you might even walk away with some winnings. The best night of craps for me was walking away from the table with around $4,000 after starting with $200. The last three visits have all been losers though - so I am due a win!