It works even with 0 and 00 - but only if you have infinite money and there is no limit to bets. So long as there is finite money, or limited bets you will - statistically - hit a run of losses that exceeds your money.

Maximum bets and the fact that money is limited is what breaks this, once you hit the maximum bet odds are slightly against you winning on that next turn because of the 0 and 00; and so eventually you will lose as you hit running up to the max bet and then lose on that turn.