The Fibonacci betting system uses a mathematical sequence which was created by Leonardo Pisano, who had a nickname Fibonacci. The system is based on the numbers sequence where the following number in the sequence is the sum of two previous numbers. It begins with 1, and then goes like this – 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610 and so on.
In the basic form, a player starts with a one unit bet. Then he continues to bet one unit until the loss, and after that raise one unit after every loss, till he wins. If he wins he steps one level back, and if he again wins, the run is over and he starts the sequence from the very beginning from one unit, for example:
|1 (-1)||1 (-2)||2 (-4)||3 (-7)||5 (-2)||3 (-1)|
(the numbers in brackets reflects your bankroll after each hand)
The similar series in which the player doesn’t win two in a row, but 2 of 3 the series will be restarted, but you see the following profit:
|1 (-1)||1 (-2)||2 (-4)||3 (-7)||5 (-2)||3 (-5)||5 (0)|
In this example, the end of the sequence has a neutral progression, and the sequence begins again at one unit.
The Fibonacci problem is not safety, but the fact that nearly half of your wins will return to the first level of one unit that makes it a boring albeit beneficial method. To reduce the tedium, some gamblers start their progression at level 4 or 5.
To use the Fibonacci betting system properly, a player should first remember the sequence, and then practice, till you make the bets automatically. Though, if you decide to use any betting system, Fibonacci is the system that involves less risk.