This strategy is commonly used in games like Roulette, especially on bets with nearly 50/50 odds, such as red or black. The idea is that by doubling the bet after every loss, the player will eventually win and recoup all previous losses along with a small profit. However, this method requires a large bankroll and has inherent risks, as consecutive losses can quickly lead to very large bets.
Martingale Example
For example, if a player bets $10 on red and loses, they would bet $20 on red in the next round. If they lose again, they would bet $40, and so on, until they win. When they eventually win, they recover all previous losses and make a profit of $10.