I'm just wondering if anyone has achieved any positive results by doubling their bets every time they lose until they win? I think it's called the martingale system. This is what I mean:

Lets say the odds are always $2 to make it easy.

-You put $20 on team A and they lose.
-Next time you put $40 on team X and they lose.
-Next time you put $80 on team Z and they win = $20 profit.
-The next bet resets to $20 after a win.

Obviously you wouldn't just double it every time. Eg: If you get on at $1.85 you would have to adjust your bet to get your $20 profit.

I tried this system with 50/50 bets (Over/Under Basketball scores) and it didnt work due to the first 5 bets losing (aren't I lucky!) but I believe it would work if I combined it with a sport I actually know a thing or two about (Rugby League).

So yeah, has anyone tried this system? Has it worked for you? Any tips?

Cheers,
Brett