Not only nonsense, but potentially dangerous nonsense. Too many people believe this and end up losing a lot of money.
To see why it's nonsense, suppose there is one red slot, one black slot, and 98 green slots on a roulette wheel. Then suppose you can bet on red or black, and the payoff is 1:1.
Clearly this is heavily biased against you, and there's no way you can win.
Now apply the method given in the post above. Each time you lose you double your bet, and eventually you win. Now you're $1 in front over all, and start again. Each time you win (1 in 100 on average) you gain $1 overall.
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[ 5.3 ms ] story [ 69.6 ms ] threadYet another scam.
To see why it's nonsense, suppose there is one red slot, one black slot, and 98 green slots on a roulette wheel. Then suppose you can bet on red or black, and the payoff is 1:1.
Clearly this is heavily biased against you, and there's no way you can win.
Now apply the method given in the post above. Each time you lose you double your bet, and eventually you win. Now you're $1 in front over all, and start again. Each time you win (1 in 100 on average) you gain $1 overall.
You can't lose!
http://en.wikipedia.org/wiki/Martingale_(betting_system)