What is the Martingale system of betting and how does it work?

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Also what are some other examples of betting systems?

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In principle, it is like doubling your bet after you lose. So bet $1, if you lose bet $2 etc. The idea is that “There is no such thing as an infinitely long losing streak – so eventually you’ll win and break even”.

Problem is: “It doesn’t work”

Most casinos have table limits and minimums. This means you’ll rapidly hit the maximum bet size after you double more than a few times. The problem is that when you hit that scenario, you’d have already lost so much money it is hard to recover. So while you can imagine “I’ll never lose 10 times in a row (which implies a bet 1024x the size of your initial bet)”, once you do, you’d have lost close to 1023x the size of your initial bet.

As for another betting system, I don’t know the name if it has one, but it’s essentially raising your bet (not double though) every time you win and going back to the initial bet when you lose. So when you’re on a losing streak you don’t lose too much, but when you’re on a winning streak you can accumulate a lot of winnings in a short time. It works for me!