BlackJack Money Management in Over/Under Wagers

When I first turned 21 and was a few days away from going to a casino for the first time, I searched the internet for ways to win at blackjack. I found a money management system that proved successful and made me some money my first time in the casino.

That being said, HERE IT IS - your first bet is always 1 unit.  If you win, you then bet 2 units, another win bumps you to 3 units and then finally after another win you bet 5 units.  Now, if at anytime you lose, you go back to one unit (also once you have won your 5 unit bet you go back to one.)  So say I am at the 3 unit stage, but lose my wager, then next bet would be back to 1 unit. (There is another betting scheme called the paroli system that goes 1-3-2-6, I have not tried it in the casino yet)

This type of betting system is obviously meant to take advantage of the streaks in blackjack. Is anyone familiar with this system?

How does this relate to sports betting?:

I believe that betting in this manner may maximize my winnings while minimizing my losses when betting sports according to the streaks of my picks...

For example if 1 unit =$10 and betting O/U at -110 this is how it would play out (FYI: Rather than betting 2 complete units on the second bet, I will just bet 1 unit plus the previous winnings)

1 unit = $10 = $9.09   
2 units= $20 = $18.18
3 units= $30 = $27.27   <----Up $8.18 despite this bet from level 2
5 units= $50 = $45.45   <----Up $15.45 despite the bets from lvl 2&3

Basically, by the third bet I almost have already made my original wager back and by the time I reach the final large wager, I am already up a small amount from the original.

The reason I see logic in this system is because I believe making 3 straight solid picks in a row is somewhat easy to do if you are selective, and four in a row isn't impossible either.  However, by doing the opposite of the martingale system (doubling wagers as you lose until you win) you will never be caught wagering more than your bankroll.  Not to mention that by going 4-0, you would have made $100 by betting $10, which gives you 10 chances at a 4-0 run before you would only break even when running the table. (Does that last part make sense?)

So what does everyone think? I have not tried it yet, but does anyone think it is doomed to fail, just plain stupid, or has a fighting chance at making a profit?

I posted my thoughts because I am looking for criticism and comments about using this MM system...any contributions are appreciated

Lippsman,

Thanks for the input. I see what you mean and understand that is definitely a possibility, however, losing 4,5,6 straight or what not, is alright since if you were to complete all the bets on the 7, 8, or 9 try you still would have turned a small profit.

That system takes advantage of hot runs. It actually works great with Craps, I use it cause as you know with craps it is a game of streaks. Its called progressive betting and the money management takes care of itself. Best of luck