What could be some tweaks that can be added to this strategy? If there is and someone finds it to become better, I would just say good luck to them if it really fits them right to do this.
Yes, this strategy can be risky and can lead to significant financial losses, especially if the bettor does not have an unlimited amount of funds to keep increasing the bet.
The martingale strategy can be modified in a number of ways. One way to modify the strategy is to set a maximum bet amount and stop increasing the bet after the maximum is reached. This can help prevent the bettor from betting more than they can afford to lose. Another potential modification is to only increase the bet after a certain number of consecutive losses, rather than after every loss. This can help reduce the overall amount of money being bet, but also means that it may take longer to recoup losses.