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What is the Martingale System in Betting?

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Can someone explain the Martingale betting system and how it's supposed to work?

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The Martingale system is a betting strategy that originated in the 1800s. It's used in games where the outcome is about a 50/50 chance of winning or losing. The idea is to double your bet after each loss, so when you eventually win, you recover all previous losses plus win a profit equal to the original bet. However, this system has several flaws, such as the potential for rapid loss of funds, betting limits, and the requirement for an unlimited bankroll to be truly effective.
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