Fibonacci betting systems can be used for casino games or sports betting. They can certainly be effective when results are advantageous, but they aren't without risk by any means. That's because they use the Fibonacci series of numbers as the template for a negative progressive staking approach. In other words, stakes get bigger after each consecutive losing bet.
This can potentially lead to you digging yourself into a big hole when you hit a losing streak. You can usually get yourself out of such a hole with this system, but your wagers will be significant.
There are other betting systems that are easier to use than the Fibonacci betting system, but it isn't difficult to understand. The important thing is to familiarise yourself with the Fibonacci series and how to use that series to guide your staking.
The Fibonacci Series
The Fibonacci series of numbers is at the heart of these betting systems. This is a series of number which we begin at 1. Each successive number in the series is equal to the total of the previous two. For example, the first few numbers are:
1, 1, 2, 3, 5, 8
If you want to extend that series, simply add the last two numbers together to get the value of the next one. The last two numbers here are 5 and 8, so the next number in the series is 13. The first dozen numbers in the series are therefore:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144.
You could try and memorize this series if you wanted to, but once you know the "add the last two numbers together" rule, there's no need. Simply write down the series as you play with it to make sure that you don't get lost somewhere along the time.
Here is what the beginning of the Fibonacci series looks like with a $10 betting unit:
$10, $10, $20, $30, $50, $80, $130, $210, $340, $550, and so on.
Fibonacci Betting Systems: Rules
Now that you understand the Fibonacci series of numbers and how to calculate the next in the series ad infinitum, we can discuss betting with it. The rules are quite simple.
First, choose a betting unit that you want to use. This will depend on the size of your bankroll, but initially it's a good idea to start small. Let's say that you'll bet in units of $1 for example purposes.
Next, set a loss limit. This is a sum that you can comfortably afford to lose in a worst case scenario. Under no circumstances should you bet beyond this limit.
The idea behind this system is relativley simply. You start betting at the beginning of the series. If you lose, you stake the next number in the series. If you win, you drop back two numbers in the series.
For example, your first bet in our example would be $1. If it loses, you would bet $1 on the second event. Should that event lose too, you would bet $2 on the third event. Then $3 on the fourth event. If you bet $5 on the fifth event and it wins, you would drop back two numbers and therefore bet $2 on the sixth event.
Should you reach your loss limit, you cease betting. Should you get back to the beginning of the series and cannot move down any further, you would either quit betting (hopefully with a profit) or start over from the beginning.
Fibonacci System Betting Example
Here is the same Fibonacci system betting example with $10 as the unit of betting:
Advantages of Fibonacci Betting Systems
One of the main advantages of the Fibonacci betting systems is that they can help you to recover previous losses and make an overall profit. It doesn't matter how many losses you have incurred. Run the system for long enough and you will eventually win.
Another advantage is that Fibonacci Betting Systems are rather simple to use. They don't require a lot of thought - simply follow the sequence.
Yet another advantage is that Fibonacci betting systems can help you to make consistent profits. The longer you play using a Fibonacci staking strategy, the more you can win. If you have a bankroll that is on the larger side and you use small betting units, it can be a solid approach.
Disadvantages of Fibonacci Betting Systems
As with any other betting system, there are potential disadvantages of using Fibonacci betting systems. The main one is that, because it is a negative progressive strategy, it is quite high-risk. If you hit a cold streak at the roulette table you could easily reach your loss limit, which can be costly.
Some experts warn against the Fibonacci system, as it is a form of chasing losses. If you do not have the bankroll to fund the system when hitting a losing streak, it can be disastrous.
For example, if your unit of betting is $5 and you hit a cold streak losing nine straight bets, you would have to wager $275 to break even. If this is the case and you take another loss, your next bet would be $445.
Another disadvantage is that when used playing casino games, the table limit can work against you. If you play at a blackjack table with a limit of $100 and hit a cold streak, you would not be able to stake more than $100 even if the system required you to.
You also have to have a significant bankroll for the Fibonacci betting system. If you only have a small bankroll, this system probably isn't a good one to use.