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Roulette Betting Strategies

People often ask me about betting strategies for roulette and the truth is that I don't ever really know what to tell them. On the one hand it is a game of chance; a sequence of independent events with independent outcomes. On the other hand the betting can be controlled and manipulated. So, I normally outline the most popular strategies whilst emphasizing that none are fool proof.
Probably the most used strategy is called Martingale. This strategy goes on the basis that loosing streaks don't last long and as long as it does you double your bet. The Martingale can be used only on red/black or odd/even. So, if you bet $10 on red and loose, you should next bet $20. If you loose again; put down $40 on red. Sooner or later the ball will fall on red, and because you've double always, you will recoup whatever you my have lost previously, plus the amount of your starting bet - do the math, it does work. A supped up version of the Martingale is the Grand Martingale. The Grand Martingale follows the same basis except that instead of just doubling, you double and add the amount of your original bet; $10 first bet, $30 second, ...
... $70 third etc. The idea of adding the original bet is that it simply increases your profit when you win. Another strategy that people may be familiar with is the Cancellation theory. This method determines the amount you bet with in order to cover any losses. You write 10x1 on a piece of paper. You add together the 2 digits from the left to determine the amount you bet so the first will be 2 chips. If you win you strike them off, if you loose you add that sum to the end and you add the digit on the left to the digit on the right to determine the amount you bet next, this continues until you strike them all off which should mean that you've won!
I have seen people winning using these strategies. One must be careful of the maximum bet of the table; if you reach the maximum bet when using the Martingale; if the table limit is reached and you haven't won the whole theory falls apart. Also, the cancellation method can take a very long time to reap results. Personally, I think that whilst these methods can, and often do work, they beg the question where's the fun????? Seriously, roulette is one of the most fun games at the casino, what's the point in throwing away the excitement and sense of chance for the nearly guaranteed systematic winning of 10 or 20 dollars!
The best bet, I think is not to follow strategies but rather simple guidelines; know your limits, know your odds, don't bet on the 5 line (it's less likely to win than any of the other rows), but most importantly have fun - hope to win but don't gamble your pension on it; in short, don't take it too seriously, and enjoy!
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