This is the strategy most newbies try introducing to their betting sessions when they begin gambling for the first time. It doesn't work, because there aren't patterns in gambling games. Meanwhile, there is a house edge playing against you in every bets you place, what ensures the house profits the longer gamblers play.

Moreover, to raise bet size on loss can work as a decent strategy on short run, but it's potentially dangerous once you hit a long loss streak, because it will drain your whole bankroll in few plays. This strategy doesn't minimize losses and doesn't increase potential winnings. You have to be lucky to make it work. Without luck, nothing can be achieved. Use your strategy in niches of the industry where it can be useful and decisive to return you profit in the end.