Have you ever heard of dice2win?
It's a betting platform where you can bet ETH on 4 kinds of dice games. I tried the martingale system on it, and am going to report the result here. How much I won or lost.

What is The Martingale System?

• Odds should be 50 percent
• Odds payout should b 1:1
• Bet 0.01ETH every time you win
• Double your bet every time you lose

That's all! It's very simple. You can win in the end if you continue to use this method ...in theory.

e.g.) You lost the 1st and 2nd game but won the 3rd game.
1st(Lost): Bet 0.01ETH. Total: -0.01ETH
2nd(Lost): Bet 0.02ETH. Total: -0.03ETH
3rd(Won): Bet 0.04ETH. Total: +0.01ETH

e.g.) You lost the 1st to 4th game but won the 5th game.
1st(Lost): Bet 0.01ETH. Total: -0.01ETH
2nd(Lost): Bet 0.02ETH. Total: -0.03ETH
3rd(Lost): Bet 0.04ETH. Total: -0.07ETH
4th(Lost): Bet 0.08ETH. Total: -0.15ETH
5th(Won): Bet 0.16ETH. Total: +0.01ETH

As you can see you can eventually get back your losses as long as you use this method. Of course, there're times you will win continuously. So this kind of seems winning strategy.
Let's see how this will work on dice2win.

Tips And Traps On dice2win

As I mentioned earlier, the game should be 50/50 odds and 1:1 payout if you use the martingale system. dice2win is 50/50 odds but not 1:1 payout.

• You need to pay for the gas cots
• The platform takes 1 to 3 percent fee depending on your bet

The gas cost was around 2.5Gwei when I played it. And the fee is like below.

• 3percent for betting 0.01ETH
• 2percent for betting 0.02ETH
• 1percent for betting more than that

So if you bet 0.01ETH and win, the payout you will receive is (0.0194ETH - Gas cost).
Anyway, let's just forget about it and try!

Outcomes Report

The ETH I had in my wallet at the beginning is 1.734ETH.

Lost the 1st game.

The 2nd game. Lost again.

Won the 3rd game and the got back the loss.

2 losses in a row on the 4th and 5th game.

Won! Got them back on the 6th game.

7 to 10th game: lost, won, lost, won.

Won 11th game. First 2 wins in a row.

12, 13, 14th game. 3 loses in a row. Getting a cold sweat...

Won 15th. Relieved.

Won 16, 17th. Getting into the swing of it!

Lost 18, 19, 20th. Back to the beginning...

Lost 21th... oh.. oh......

22th. Lost again... Was so beside myself that I forgot to take a screenshot.

23th. 6 losses in a row. No way... My hands started shaking.

24th. OK. It's over. I started crying.

Conclusion

NEVER, EVER GAMBLE!!!

The possibility of 7 losses in a row is 1/128. So it could happen with 24 games... I needed more budget to try the martingale system. I was seriously wondering if I should put additional ETH but the maximum bet on dice2win is only 2.04ETH.

1st: 0.01ETH
2nd: 0.02ETH
3rd: 0.04ETH
4th: 0.08ETH
5th: 0.16ETH
6th: 0.32ETH
7th: 0.64ETH
8th: 1.28ETH

If you lose the 8th game, you can't continue it anymore. I couldn't bet my luck with 1.28ETH against 1/2 odds for the last chance.

So I think you guys already know what I want to say.

Never, ever try the martingale system!

Wisdom of our ancestors is always correct. The martingale system is not a winning method unless you have an unlimited budget.