Emerson and West Color Monte

Color Monte
Effect: Three cards are displayed… two have a red diamond, one has a blue diamond. Performer says that this is a gambling game. If you can guess the blue diamond you win $1.00. 
Now the performer says “ let me show you how I got taken once” , He shows the blue diamond on top. He turns it face down and places it on the bottom, when he shows the bottom card it is a red diamond. When he shows the top card.. it’s red! He shows the middle card it is red also. 
This means so far he has lost $3.00 because every time he guesses the card he thinks is blue it turns out to be red. 
The performer says I told him there was no blue diamond; he shows the bottom card is now a blue diamond losing another $1.00. when all the fun is over the magician has lost $7.00 So Wanting a chance to get even he is giving a chance to guess the right color double or nothing, He show the red card, he shows the blue card, “ tell me what color this card is and we are even”, the performer guesses blue but when the card is turned over is says “ YOU OWE ME $14 ! Amazing, Uses one ez to learn move.