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....