Gambling Problem

The house is always determined to make sure you walk out with less money than what you entered in. But Ted feels he's found a strategy for roulette that works. He tells you:

"In each round, I always bet half of the money I have at the time on red. Yesterday, I counted and I had won as many rounds as I had lost."

Over the course of the night, did Ted win, lose or break even?


In case you're not aware, if red comes up, you win as much money as you bet. So, if you bet $100, you win $100. If black comes up, you lose the $100.