The Martingale: Mathematical Origins and the Inevitability of Ruin
The martingale betting system has seduced gamblers for a while: double your bet after every loss, and when you finally win, you’ll recover all losses plus a profit equal to your original stake. The mathematics appears impeccable. The strategy is a trap. Origins: From Gambling Dens to Probability Theory The term “martingale” likely derives from the French town of Martigues in Provence, whose inhabitants were reportedly known for their risky gambling habits. By the 18th century, the word had become synonymous with a class of betting strategies where the gambler increases stakes after losses. ...