Understanding The Fibonacci Betting System
Published on 11/10/17
Fibonacci betting system, also known as the progressive betting system, works according to the Fibonacci sequence by increasing the amount of a bet after a loss. Even though it isn’t the easiest betting method, you do not have to be a genius to learn the rules and use it in practice.
It is no secret that math and numbers are prevalent in gambling. People with superior math skills but no prior knowledge about gambling can quickly become sharp bettors.
One of those superior mathematicians Leonardo Pisano Bigollo, also referred to as Fibonacci, is a world-famous mathematician whose sequence is used in the Fibonacci betting system. The sequence was first published in 1202 in his book Liber Abaci (“The Book of Calculations”). Even though the sequence can be found in Sanskrit (Indian mathematics around 200BC), it was Fibonacci who modernised the sequence and found the correlation of it with all aspects of life.
It might seem counterintuitive to carry on betting when you have lost money, but the idea is that when you keep wagering larger amount in spite of your losses, at some point you will win back your last two losing bets.
The sequence, where each new number equals the total of the previous two, has to be memorised or written down.
This is what the sequence would look like if you start off with €20:
€20, €20, €40, €60, €100, €160, €260, €420, €680, €1100, €1780, €2880, etc.
The system is most frequently used in binary settings, art, architecture and of course, gambling.
How Does It Work?
Prior to starting wagering in accordance with the Fibonacci system, you need to pick a singular betting unit keeping in mind your budget and your financial limitations. It is recommended that you start with smaller units since there is a greater potential of losing when you play using a negative progression betting system.
You start by betting 1 unit since it is the first number of the sequence. If you win the bet, you go back to betting 1 unit on the next turn. If you lose, you will bet 1 unit once again, because betting 1 unit will get you the lost unit on the previous wager.
1. Bet €1 until you lose. Then bet €2.
2. If you win at #2, then return to step 1.
If you lose, then bet #3.
3. If you win at #3, then return to step 1.
If you lose, then bet #5.
4. If you win at #5, then return to step 2.
If you lose, then bet #8.
5. If you win at #8, then return to step 3.
If you lose, then bet #13.
6. If you win at #13, then return to step 4.
If you lose, then bet #21.
7. If you win at #21, then return to step 5.
If you lose, then bet #34.
8. If you win at #34, then return to step 6.
If you lose, return to step 1.
Just like any other betting system, progressive betting has some risks. The Fibonacci sequence will work at any point because it doesn’t digress from its original formula. It can work miraculously if you are playing with no betting limits, as you will eventually win back your losses. Nevertheless, if you are encountering a streak of bad luck, you could be potentially risking your entire bankroll by gambling a large amount on a single bet.
Let’s have a look at an example of losing 5 units in a row. Your first bet was 1 unit, which was a loss. Your next would be 2 units. The third would be 3 units. On your fourth loss, you would be betting 5 units since 3+2=5. If you lose for the fifth time, you will be up to betting 8 units. If you were to go even further, the number would start doubling. The sixth lost bet would need a 13 unit bet, and the seventh would mean 21 units.
Although the potential to win big exists, the system is primarily best for short-term results. Unless you have an unlimited bankroll, the amount you have to bet after a number of losses will be staggering. You can adjust the system to suit your needs by determining your budget and a course of action when losing in advance. However, if you fail to satisfy those conditions, you can go for other progressive betting systems that are low-risk.