There's a version where you only set out to make $x per roll that's more effective but even that suffers from the same problem ie a long losing streak making stakes HUGE.
Here's a question for you...if it were really that simply don't you thing that all the casions would be bankrupt and everyone would be using it?
Amazes me that people think any roulette, be it online or 'real', would need to cheat. The odds are so good for the house especially considering the way many bet that it's far more profitable to be honest. That way you sucker them in with the odd win and they come back for more and more.