Here is a good explanation of the odds in Roulette.
In MagicDice the odds are actually 50% (if you bet that the number is lower then 50 and set it to 50). So in the end the odds will add up to 0 and either you nor the bank (MagicDice) is making money. So theoreticly if you stop at a time that you won you are going to make money. The doubling of the bet is not in the video but essentially you just double your bet whenever you loose to win back what you lost before and as long as you don't chicken out or run out of money you are going to win eventually (just that you are going to need alot of money at a certain point if you loose too often in a row.)
For example if you loose 5 times in a row and stared with a bet of 1$ you are going to need 32$ for the 6. bet and you already lost 31$ before, so you are already 63$ short. If you win at this point you only won 1$ overall (your initial bet). Keep in mind that this number is growing exponentially .

i personally haven't used this technique as it needs plenty of time and there is still a 50% chance of me loosing everything.