The Martingale betting strategy involves doubling your wager after every losing bet, with the logic that you will eventually hit a winning outcome and recoup all previous losses plus earn a profit. This approach works best for even-money bets like red/black or odd/even, as the low probability of extended losing streaks means you can keep doubling down until you break the cycle. However, the major drawback is the risk of catastrophic losses from an unlucky run, requiring careful bankroll management.