It is similar to the Martingdale system and as long as you have enough resources, yes, you can eventually win.....
However, who, has the resource or the resolve to wager in the $M's after a string of losses.....?
The Duke/Earl of Martingdale eventually committed suicide after losing his heritage which today would be valued in the $100M's!
So, what does that tell you about chasing losses.........?

Cheers.