The martingale was first invented many years ago to try and beat the house edge and make money. It should also be known that the martingale has made a lot of people very poor very quickly. The martingale was first based on the idea that wins are due which completely wrong in some sense, this is called gamblers fallacy. For example if I flip a coin which has a 50/50 chance of being heads or tails, 100 times in a row and all of them are tails, gamblers fallacy would be to say that the next one will more likely be heads which wrong. Although this does seem wrong it is actually true. No matter what came in the last flip the odds stay the same no matter what on the next turn, it is still a 50/50 chance that the next one will be tails.
Now obviously 100 tails in a row is an incredibly rare event but it does happen and this is why the martingale rips peoples bankrolls apart. However it does have some short term success which is why people may still give it a go nowadays. Based on the above information the martingale works by betting on a “due” result and doubling your money until it comes in. For example I bet on red or black at a roulette table which is nearly an even money bet. I put one pound on black and if it wins well and good I have one a pound but if it does not win I double my amount each time until the black comes in after all going by the above flaw in this strategy the more reds come up the more a black is “due” to come up.
Now you can see why this does work in the short term and why it does not work in the long term and why a tiny amount of success can be gained with it. The chances of a 10 in a row losing streak is about 1000 to one which gives you a bit of success up to that point when you lose everything. So ideally you want to take what you win whilst you are ahead.
Another reason why the martingale betting system does not work long term is because of the limits online casinos and offline casinos have placed at their tables. This is to protect both parties in actual fact. If there where no limits people could double up their money for as long as they wanted initially lasting pretty bad streaks and beating the casino to some extent. However it also protects extreme gamblers from going to far and losing a massive sum of money.
Doing this betting system with sports is a slightly different matter to some extent because you have one major advantage and that is information. You can pick what ever even money game you want to bet on and you know exactly how well the teams or sports players are doing. You can take into consideration injurys and missing players giving you a much higher chance of success.