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For this strategy, you start by wagering the table minimum on a 50/50 outside bet. You keep betting that amount until you lose. When that happens, you double your bet for the next spin and keep doubling your bet until you win.
No. There are 18 black slots, 18 red slots and two green slots (0 and 00) on a US roulette wheel*. Your chances of hitting a black or red are equal, 47.4%. This translates to a 52.6% probability that the house will be scooping up all your chips on a black/red bet.
