Can you answer this debate I'm having on reddit about the Martingale betting strategy?
The question is basically this, "Would the Martingale strategy always work given you have infinite money and betting attempts?"
For those who don't know, The Martingale strategy goes like this. Let's say you make a bet amount of x on a coin flip. If you fail, double your bet (2x) and try again. Another fail means 4x and so on. Once you win, you profit x, restart betting at x, and go again.
Their claim is that since the Expected value is negative, it isn't a successful strategy.
My claim is that has nothing to do with the question, and even if your return is negligible compared to your bankroll, it will still always work. I feel like we're talking past each other and they aren't really engaging with the point of the question.
If someone smarter than me could help me understand what we're both missing from this petty debate, I'd be very appreciative. Thanks!