For those who say Martingale "never works", I woke up this morning to find that Just-Dice had lost 100 BTC overnight.

Looking into it, I see it was a single big player who won it, and he won it using Martingale.

Here's a chart showing his profit over the last 6 hours:



So while it's a bad idea to Martingale, it's not fair to say it never works!

Edit: here's a chart showing the effect his play had on the overall Just-Dice profits for the week.  He wiped out all the profits we made since last Sunday...



Edit2: for those who prefer numbers to pictures, here's a list of all his Martingale sequences.  Note how random it appears.  He's not always resetting to the same starting point, but always doubles on loss (except for on the 4th line, where he went bust and had to redeposit, and the last but one line where I guess he was getting tired?):