Yes
I didn't factor in the 0/00 slots which would, of course, devalue the odds somewhat. It's an interesting run of arguments here - the gambler's fallacy mentioned below and the arguments about the different types of probability above come down to the notions of conditional and non-conditional probability scoring, i.e. the bingo example mentioned elsewhere on this QOTW (or maybe above?) is an example of conditional probability, where one result influences another, and roulette is of course non-conditional probability. Well, it least it would be if WH and the likes didn't build in strategies to influence the probabilities! I'd never heard of the Martingale system before but I knew this couldn't be unique - sounds too good to be true!
(hangableautobulb is an anagram of the best album ever, on, Fri 8 May 2009, 17:31, Reply)