I bought my first 30 BTC the other day, and decided to try my hand at Satoshi's dice on the 50% slot. Kept betting 3BTC, if I lost I bet 6 BTC, and if I lost that then I bet 12BTC. If I won, I kept betting 3BTC. I believe this is called the martingale strategy. In the last 3 days and over 600 transactions, I've made over 100 BTC. I'm amazed.
This seems incredibly easy and too good to be true. What am I missing here? The coins are confirming and all is well, but I can't imagine how this site stays profitable giving away $1000+ to a user. Does everyone usually win this much?
The Martingale betting system can only work if you have an infinite bankroll. Even if you are playing a game that is even 50/50 odds. Over the long run the Martingale betting system sill only leaves your odds at 50%, because the odds of flipping a coin say 7x heads is 128 to 1 and you have to risk 128x your original bet on the 7th flip. At a game that is less than 50/50 (which
allcasino table/slot games are) the odds get even worse.