[eyeball]

Have any of you guys heard of this and how does it work?

[Ganchrow]

Originally Posted by eyeball

Have any of you guys heard of this and how does it work?

"Chase" systems are usually some flavor of Martingale. With a single run these systems allow a bettor a fairly large probability of winning a small amount of money and a fairly small probability of losing a large amount of money.

Except in pathological cases, such systems should be avoided by advantage bettors.

[HedgeHog]

Not so much a "system" as it is a tendency. A bettor that gets behind big for the week feels the need to get it all back quickly. Sooner or later, "chasing losses" results in disaster.

[picoman]

Originally Posted by Ganchrow

Except in pathological cases, such systems should be avoided by advantage bettors.

are you saying those people are beyond help?

[Ganchrow]

Originally Posted by picoman

are you saying those people are beyond help?

I was using the term pathological in the following sense:

1. [scientific computation] Used of a data set that is grossly atypical of normal expected input, especially one that exposes a weakness or bug in whatever algorithm one is using. An algorithm that can be broken by pathological inputs may still be useful if such inputs are very unlikely to occur in practice.

Dictionary.com

The point is that while one could engineer a "pathological" scenario where Martingale is the optimal strategy for an advantage bettor, this will not be true in the vast majority of typical cases.