Heads or tails rigging algorithm

Question

So I have an idea of an algorithm for betting on heads or tails based on probability. So when you flip a coin you have 50% chance of landing on heads. To bet on receiving head 3 times you have a 12.5% chance. My idea is to place bets on either heads or tails until you receive the outcome of 3 of one side, then you place a large bet on the opposite side. If your outcome does not work, place an exponentially larger bet on the side which has not been achieved yet, because the chances of you receiving that outcome have become 6.25%. Keep repeating until you win. Wondering if this will work thanks!

Answer 1

The system of exponentially increasing bets to recover your losses is called a martingale, and it doesn't work. You might occasionally win something, but you will eventually lose everything.

Also note that this part:

because the chances of you receiving that outcome have become 6.25%

is called the gambler's fallacy.