The dice strategy involves setting up an auto bet on Stake's dice game with a specific bet amount and win chance. You start with a base bet amount (e.g., two cents) and set it to increase by 20% on each loss. When you win, the bet resets. The win chance is set to 19, which gives a 5.21 multiplier on wins. This strategy can potentially yield profits over time, but it's important to remember that it's still risky and there's no guarantee of making money.