[pswilson14]

For anyone interested, this strategy is called the [1]Martingale betting system. It works great if a gambler has infinite money, but no gamblers do. It can deplete your bankroll very quickly, due to the exponential nature of the betting system. Your expected profit from this game style is still slightly below zero, due to the relatively unlikely event of running out of bankroll before winning and losing a catastrophic amount of money.

[1] http://en.wikipedia.org/wiki/Martingale_(betting_system)

EDIT: Everyone seems to have beaten me to this answer... :p

[joncrocks]

Not only that, but the 0 (and 00 if applicable) also push the odds against you.