it will not work 100% of the time. No strat will work 100% of the time.
I actually felt like gambling and tried this with .013 btc and busted on wolfbet. Then I deposited .02 more and lowered the increase on loss to 5% came out .006 winner in total. This strategy is a super big gamble but can work. Just gamble what you can afford to lose though cause you're likely gonna bust long run.
0.006
BTC win
in total is not bad actually. I don't know if you were lucky or the strategy is actually better than I expected.
However, you could have stopped after the first 0.013
BTC lost and then you would have said that the strategy sux

What I want to point out is that people should keep in mind that strategy or not,
it's still gambling. And as you said, one should gamble only what he affords to lose.