It's just an "improved"
Martingale betting system. It's still guaranteed to lose money if betting ad infinitum. I put together a quick script to simulate betting, I'm no statistician though, so I'm not sure what numbers are needed.
maxProfit = Decimal("287.47")
maxBet = maxProfit/(payout-Decimal(1))
...
bet = min(maxBet, bet*Decimal(2))
Would you care to elaborate this part of the code above, whats that "287.47" MaxProfit number which limits the whales maximum bet? Shouldn't the size of his wallet be the only limiting factor?