Although I don't support the martingale system be it in sports betting or casino gambling but according to some people they said that they experience minimal losses when they use this system on sports betting compared to casino games. This might be true when you are able to be a little disciplined, although it's hard to maintain self control when using the martingale system. If your bet fails after four trials then it's best to quit
I think there's another way to use the martingale strategy than using it for low odds or a team with a high probability to win. I think the martingale strategy works if you bet on a team with high odds, a team that you know obviously will likely lose, because sometimes they win with high odds. Also, the calculation would be different compared to the stompx posted above.
You can also bet on a draw, I guess, with high odds. Start with pretty low bets, increase it by 2x every time your bet is lost, and I'm sure if you are lucky, the reward should be massive.