The promise: double after every loss. Eventually you win, and that win recovers all previous losses plus one base bet of profit.
The math seems airtight. With infinite bankroll, infinite table limit, and infinite patience, Martingale would indeed always win.
The problem: none of those are infinite. After 8 losses in a row (probability ~0.39% per session) you're betting 256× base. After 10 losses you're betting 1024×. Casinos cap tables (typically 100–500× base bet). Players run out of money first.
Every player who "wins" using Martingale wins many small sessions, then loses one catastrophic session. Net EV is negative — same as flat betting at the underlying house edge.