In the previous article we introduced you to the Martingale betting system but here we will go into more detail. We will explain the specifics when it comes to NFL betting and how exactly you can best put this system to work.
As we already mentioned, the Martingale system is a negative progression but it is also one of the first its kind. The origins of the system seem to predate Las Vegas, though, they are linked to the UK. An English casino owner by the name of John Martindale was always encouraging the players at his casino to try this system out and that seems to be the origin of its name. As you can see, the name Martindale has simply been slightly changed.
The mathematical origins of the system lie in the optional stopping theorem. It states that under specific conditions, the expected value of a martingale at a stopping time matches the value that was initially expected of it. Basically, this means that in the long run, this system cannot bear fruit, but in some very specific cases, it can be quite useful.
When to Use the Martingale System
This system is most commonly used by roulette enthusiasts. That is so because there is a small number of gamblers who have achieved unbelievable feats using this exact system. Specifically, Charles Wells managed to break the bank twelve times within only three days by using this exact system. The casino he played at was none other than the famous Monte Carlo, Europe’s most prestigious gambling venue. He managed to win 1,000,000 francs with a bankroll of only 4,000 francs. He is the man who was the inspiration for the well-known Charles Coborn song – The Man Who Broke the Bank at Monte Carlo.
So, how does this apply to NFL betting then – well, the reason why this system is so often used by roulette bettors is because of its potential profits on even money bets. So, if you pick your bets carefully and only place even money ones on the NFL, you will be able to use this same system. The idea of it revolves around the so-called gambler’s fallacy. It is essentially the assumption that something is more likely to occur when it has not occurred in a while. This can mean that if a team has not won in a while, they are bound to win sometime soon, or it can be interpreted another way, if you have not won in a while, you are bound to win soon.
How to Use the Martingale Betting System
The Martingale system is very easy to use which is perhaps why it is so popular amongst gamblers. All you need to do to prepare to use it is set your bet size. Of course, that needs to be in accordance with your bankroll’s size. After you have settled on how much one unit is in your case, you can start betting with this system.
You start off with a single unit and if you are winning, you continue so. When you lose, you double your bet. If you keep losing, you keep doubling your bet. So, once you finally win, you will have your original stake back. Then, you go back to betting with a single unit. This way, when you experience losing streaks, you make up for the losses and when you win, you make a small profit.
So, how does this mix with NFL betting – well, you take the fundamentals of the system and use them. For instance, some players have started using this system by playing multiple times a day. For NFL betting you would need to pick a schedule that would grant enough time in between for games to be completed and results to be out by the time you need to place your next bet. So, if you’ve lost the first bet, then you will double the second, and so on. However, you cannot just bet on any game.
How to Pick the Right Bet
In theory, the Martingale system can work with any type of bet, regardless of the type of game or sport. Probability should always kick in and balance your betting session. However, as you know, when it comes to sports betting and more specifically NFL betting, things are not quite so straightforward.
In order to use this system successfully, you will need to carefully select bets with odds that balance each other out and leave you with an even money wager. On their own, NFL bets cannot be with even odds but when you combine them the right way, they can get as close as possible considering that this is the gambling industry.
Pros and Cons
An advantage of this system is that it is quite simple and can be quite profitable in the short term. Even novice players can give it a shot and make some money with it. Not losing at all is a perfect scenario but in reality, making profits from your losses is the next best thing.
However, the system hinges upon the idea that there will be no losing streak that will outlast your bankroll which is ultimately flawed. Those streaks come and they are merciless. That is why it is important to know when to stop and for that, you need to have some serious self-control. The clear downside here is that this system is not profitable in the long run. On top of that, if you lack self-control, you can burn out entirely in a single betting session.
It is as simple as it sounds – this variation of the Martingale betting system states that you should double your bets after every win and go back to a single unit after a loss. This system is even more deeply rooted in the so-called gambler’s fallacy, relying on hot and cold streaks. Basically, the idea is that if you are winning and experiencing a hot streak, that is good luck and you should take advantage of it while it lasts. While if you hit a losing streak, you have run out of luck and should take it easy.
The concept of luck is tricky and complex but the fact remains that streaks occur more often and with more longitude than most people would dare to think. The Martingale system attempts to make the most of these occurrences which are not rare at all. The classic Martingale system may seem more likely to leave you bone broke than the reverse one but in reality, winning from the use of either one of them is just as likely.
So, despite the flaws, in the short term, the Martingale can be very useful and lucrative. It is a little harder to apply it to NFL betting but we showed you that there is a way. The fact that the NFL games take time and so every bet takes some time as well is actually very good for this strategy because this way you cannot get caught up in the moment. It is much easier to remain in control of your bankroll and the size of your bets. Despite that, remember to bet responsibly!