The problem with this is that it's a massively flawed system. Let's say your bet is £50. The whole system is based around whether you win the first bet or not. If you win, you bet £50 again, if you lose you keep doubling until you "win" which is simply getting your original bet back.
Without going in to the maths of it if you get the red/black or odd/even wrong 6 times in a row (which will happen more than once every 64 attempts) you need to stump up £3200 just to win back your original £50.
Also if you look long term (i.e. you do this every day for years) you are likely to encounter a stage where you will have to put down hundreds of thousands just to win back your original £50 bet.
Theoretically you are correct, but in reality this system is useless. For anyone with enough money to do it, the amount they would win would be trivial.
If you're just playing to double it you need to calculate exactly how much you need to increase each bet with. Works better with something like roulette, but I doubt you'd be allowed any more than 2 or 3 attempts.