This morning I wrote about the Labouchere negative progression betting system that unknowing blackjack players will use in place of a good betting strategy.
The use it because they come across one of those article-generating sites in which the people writing the articles do not always understand the finer points of their subjects. In the case of the article I saw today, it said that the best way to bet in blackjack was to use a betting system.
This is simply not true. Betting systems limit how a player makes their wagers in a game of blackjack. These systems are also based on principles that go against the essence of blackjack.
Now we are going to look at the Paroli betting system.
This is a positive progression system, meaning that it works based on wins. If you win a hand, you would double your wager on the next round. You would keep doubling until you lose a round and then return to the amount of your original wager. Take a look:
If you were to wager $20 and win, you would wager $40 on the next round. If you win that round you would wager $80. But if you lost, you would return to the original amount of $20.
The Paroli betting system is said to make the most of a winning streak. Unfortunately there is no way to predict how long a winning streak will continue. This can result in a very heavy loss if you lose a round after several successful wins. Imagine in the above example winning five rounds and wagering $320 only to lose that $320.
The problem with the Paroli betting system is that it is based on winning, and is meant to be used in a casino game in which the house has the advantage. Players can only expect to win around 48% of their blackjack games.
So if you have less than a 50% to win why would you use a betting system based on winning?
Exactly—you should not!
Betting systems should not be used in blackjack—especially those that are based on winning streaks in casino games that do not have an edge over the house.