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now I'm not claiming this because im sure its been done, but i thought about it at work. u go into a roulette table with a minimum bet of 10 bucks and bring 150$. You pick one color and that will be your color for the night, can never change. you bet 10 dollars the first hand, if you win, you keep betting 10 bucks a hand. If you drop to 140$ double up your bet, lose to 120 double up your bet, lose again ur at 80 and u go all in. odds are 47% on your color which is basically a coinflip, those 2 green bastards on the table fuck that up a bit, but youd have to lose at least 4 in a row to bankrupt which is highly unlikely, but it can happen.
Roulette is what I play the most. I've won money on the double your bet roulette method, (I've lost probably just as much.) You WILL see 4 or 5 or 10 reds in a row and then lose everything unless your bankroll is in the thousands. The trick is to find a table with a low minimum, 5 or 2.50 and wait for a run of 2 or 3 before betting on the opposite.
What you're talking about is called a martingale http://en.wikipedia.org/wiki/Martingale_%28betting_system%29. If you don't want to read through all the mathematical formulas, I'm pretty sure the consensus is that they don't work, because otherwise casinos wouldn't have roulette tables.
Word. There are huge ass, detailed casinos for a reason. You're highly likely to lose money. They wouldn't have money if every Joe could beat them- keep that in mind when you're betting.