Mathematically it is possible to win a huge amount if and only if you have a huge bankroll, actually infinite bankroll and the maximum bet payout from the house is also infinite. Both of these in real life and impossible and ideal situations that wont exist. So even if you try to run it anyway you want after some greens reds will follow.
If something is possible mathematically then that also should be possible in real world otherwise it denotes something somewhere is going wrong. I mean to say that we have not tested martingale strategy in "complete" theoretical manner. It means we need a random number generator or a real dice to make sure how many consecutive red may happen and for the other criteria, you just mentioned.
Its not important to run a strategy and in fact there is no guaranteed winning method in games of chance, rather its important to manage your bankroll properly.
This is where gambling sounds like a trading environment but in trading also we are not able to make sure-shot winnings. Hence, nothing wrong in martingale strategy and as well with gambling houses. Still, we need many other factors to favor us to win consistently.