~ in essence, no technique is truly effective. so the important point is, one must know when to stop and when to start again and the most decisive factor is luck.
Luck is not the most decisive, but is the only factor in purely luck-based games like dice, roulette, slots and such. In poker and sports betting, on the other hand, luck, according to many gamblers, plays a lesser role than skill.
On the contrary I agree with rahmad2nd that luck is the most decisive factor. Ever watch a boxing fight where the least favorite got an upset win via lucky punch? Also, basketball game where the leading team loses due to missed free throws while the opponent got the loose ball and sink in a basket in a long throw shot. Even in blackjack, a guy beating a 20 cards due to him getting lucky to get a card that will make his card deck 21, and poker with initially good cards. Luck is the most determining factor that can change the result of a game.
Before reading your reply I made a post today about luck being a big factor in sports betting. I don't think it's most decisive, but it's definitely significant. And I just read the rahmad2nd's post again, and I still think that he started from sports betting and then moved to purely luck based games. Therefore I replied the way I did.
Overall, if we think we can apply some "techniques" to games like dice, we are doomed. 
Not at all
. If we know when to stop, we certainly can avoid that doom. True that. As @South Park has pointed out below: "The only strategy that works on games that are completely luck based are money management strategies". I totally agree with this.