For example, Day 1 you lost $1, so you will bet $2 in day 2, if win you stop and start again with $1, if loss, you continue with $4 for day 3, and then $8 for day 4 until you win the $1 back. The fundamental of this strategy is that no-one lose forever. Nowadays, people still use this martingale strategy, but a new version with the math numbers: 1 3 7 15 31 63 127 … With this new version, your loss will be doubled if you are in a lose-steak, but your will will be add more for each loss-day. For example, with the old version, you can lose 640$ if you are in 7 loss-steak, and win $10 if you win the 7th bet. But with the new version, you will lose $1270 in 7th day, but if you win, you will get $70 instead of $10.

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Martingale System Advantages:

You never lose forever, so in theory, you will always win with this strategy (just a theory)
Your earning can be stable if you stick with this martingale strategy.
Simple bet, no need to worry much
High chance to beat the bookie

Martingale System Disadvantages:

In fact, you will never lose only when you have unlimited capital, but usually it is not true, so this is not a perfect strategy.
Bookie usually set a max bet limitation to against this strategy, usually it is $10,000
Betting odds: As Bookie take commission, so the best odd you can get is only around 1.90, it means a 10 eduction in your earning for each bet.
Bad luck: you can lose 10 times in a streak, and then you have no money to fight back, and it is VERY BAD.

How to master the martingale system?

Match selection: Only select maximum 2 football match to bet per day, do not over bet it, follow your plan. The best is only one match to bet per day.
Betting selection: Select the right bet is important, usually it is the stable bets with high odds like: Odd and Evens, Kick-off, Over and Under.
Skills: Usually this martingale strategy does not require much skill, but you must have basic skill in selecting match and result predicting. For example, if you want to use this strategy for even bet, make sure you only select the match with these criterion: Not an aggressive and important match, two teams are in peace like Norwich City and Wigan (not like Man City and Man united), two teams are weak, the over and under odds is 2.25 or smaller, the draw is smaller than 3.3. Why? Please keep reading the next coming chapter to get the answer.

Should I use the martingale system for my football betting strategy?

This question gets no correct answer, it really depends on yourself, your goal and your skill. If you just want to earn 5-10rom bookie monthly, you do not have much betting skills, you do not have much time to invest in, you are not confident with your bet …, you should choose this strategy. But if you continue read my free betting tips chapter 4 -5 -6 …, you can forget this strategy, this is only suitable for football betting newbie, not for expert, and when you are in bad-luck, the loss is unpredictable.

Source: http://intsportnews.com/sports-betting-tips/football-betting-tips-chapter-3-the-martingale-system-in-football-betting