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Betting Systems

Labouchere - Wikipedia

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The Labouchere system is another popular betting system, and probably one of the more interesting ones. It’s a bit more complex than martingale and Fibonacci. Labouchere is also commonly called the cancelation system or split martingale.
``` The user of such a strategy decides before playing how much money they want to win, and writes down a list of positive numbers that sum to the predetermined amount. With each bet, the player stakes an amount equal to the sum of the first and last numbers on the list. If only one number remains, that number is the amount of the stake. If bet is successful, the two amounts are removed from the list. If the bet is unsuccessful, the amount lost is appended to the end of the list. This process continues until either the list is completely crossed out, at which point the desired amount of money has been won, or until the player runs out of money to wager Wikipedia

As quoted from Wikipedia, before starting betting, you decide on a profit target. You then divide this target into a list of smaller amounts. For example, if you want to make 200 profit, you make a list of numbers like the following:
5
10
20
40
50
40
20
10
5

5+5+10+10+20+20+40+40+50=200
Note that the profit for each bet should sum the total profit you want to make. If you’re using a payout other than x2 or a chance to win other than 49.5, you need adjust your list. For example, if betting at 90% chance to win, you need to multiply the whole list with 11. Or if betting at x10 payout, you need to divide the whole list by 10.
You can divide the numbers in any way you want. The symmetrical division above is only out of personal preference.
Now you’re ready to start betting. Your bets are determined by the sum of the first and last numbers on the list. If there is only 1 number left, you bet that number. For the bets mentioned above, your starting bet is 5+5=10. Now, if you win, you cross of both 5s from the list. If you lose, you add 10 to the end of the list. Let’s say you win the first bet, so cross out both 5s from your list. This would make your list look like this:
~~5~~
10
20
40
50
40
20
10
~~5~~

Again, the bet amount is determined by the sum of the first and last numbers on the list, thus 10+10=20. Lets say you lose this bet, instead of crossing out the 10s, you add the 20 to the end of the list:
10
20
40
50
40
20
10
20

Continuing the system, next bet = 10+20=30, it’s a win:
~~10~~
20
40
50
40
20
10
~~20~~~~ ~~

Continuing the system, next bet = 10+20=30, it’s a win:
~~20~~
40
50
40
20
~~10~~~~ ~~

This pattern is continued until eventually there are no items left on the list. Mathematically, using a payout higher than 3, or a chance to win lower than 33.3333%, the list will never be completed. You need to win more than 33.3333% of your bets to cross of every item on the list.
There is also a reverse labouchere. The system uses the same principle, but instead of crossing items off when winning and adding to the list when losing, reverse labouchere adds items to the list when a bet is won, and removes an item when a bet is lost. Using the same list as the example above, your bets would look something like:
5+5=10: win
5+10=15: win
5+15=20: lose
10+10=20: lose
20+5=25: win
20+25:45
Etc.