This week on the Just Skeptics podcast we were joined by Rick Owen, who talked at great length about common fallacies encountered whilst gambling. He was kind enough to write this accompanying piece for us:On my guest slot on episode 2 of the Just Skeptics podcast I talk about gambling superstitions and scam systems. Without repeating the podcast spot (you'll have to listen to it), I thought I would expand on a couple of points and include some weblinks.
You can see the free roulette system here. In the podcast I talk about the Martingale system, wherein your stake is doubled after each loss (on 1 to 1 odds like a coin-toss). The problem is that exponential growth gets very big very quickly. If you have infinite money you should be okay. The system on the website is actually a split Martingale system, or Labouchère system : a more gradual increase in stakes, but still doomed. These systems are especially risky in real casinos where each table has a minimum and maximum bet, so you will quickly run up against the table maximum and your system will crash.


