Does the martingale betting system work?

Does the Martingale roulette betting system work? I really don’t think this works at all, and if it did then why isn’t everyone getting rich from this system? It sounds too good to be true and it is for many reasons. The first problem is that the house edge will grind away at any possible income. Here is the theory behind the system. The odds of losing say 7 consecutive coin tosses in a row...