Labouchere is a slightly risky system offering profit even with an equal number of wins and losses. Unfortunately, roulette is generally designed so that probability of losing is higher.
This strategy is generally more useful for a lower number of rounds. The player writes down a sequence of numbers, for instance 1, 2, 3, 4, 5, 6, and bets the sum of both ends of a sequence on a particular colour. In this case it is seven chips (1 + 6). If he wins, he checks off this number and bets the sum of the new ends of the sequence. In our case, this is seven (5 + 2). If the player loses, he writes a new highest number into the sequence and continues betting in the same way.
Although all players managed to profit for some period of time, ultimately they all reached bankruptcy. This resulted from longer periods of significant loss during which bets increased significantly. I failed to find any rational use of this strategy. It is quite complicated, and depends highly on the chosen sequence of numbers. Its usefulness is unclear.