Can the infamous martingale system be used for reducing variance for wagering a fixed amount?

[mayOddsBeWithYou]

First of all, I understand that martingale alone cannot make blackjack profitable, and I have read this:

https://www.blackjackinfo.com/odds-blackjack-losing-6-hands-in-a-row/

However, I am thinking if martingale system can be used to reduce the variance when your target is to wager a certain amount?

For example, I see that some online casino is organizing competition based on the wagering amount. Based on previous competition result, wagering £30000 will be quite enough to win top 80 place and win £200. Assuming the house edge is around 0.5%, EV = £200 - £30000 * 0.5% = +£50

The "textbook" way is to reduce the variance is to use the smallest possible betting amount to wager through the £30000, so it is 6000 hand of £5 bet.

I am thinking if I use martingale system and accept up to 4 loses / double / split ( 5 + 10 + 20 + 40 + 80 = 155, roughly equal to the expected lost of £30000*0.5%), would it reduce the variance, as you wager more each time you lose?

 

[DSchles]

How can you keep betting more money and reduce the variance? I don't understand what you're proposing. There's no possible way to make the variance any lower than to bet the minimum on each hand.

The variance is the average squared result of a hand. If you make five one-unit bets, the average squared result is, obviously, 1. Try finding the average squared result of your bet sequence!

Don