Sorry to ring in so late on this question, but every spin of the wheel is an independent event. The previous spin has no relationship to the next. If it has come up 14 times in a row on Red, the chances of it coming up Red or Black have not changed.
Your example, of calculating the odds of something like flipping a coin and having it come up heads 10 times in a row is correct, but it has nothing to do with the fact that every flip is still, independent and 50-50 chance of coming up heads or tails. You are calculating a long chain, which has no relationship to the actual event.
In case it makes life easier for anyone, every bet on the roulette table (double zero American game) is the same! The house edge is the same, you chance is the same. Always 5.26% in their favor.
The casino loves it when people believe otherwise. Streaks can only be predicted after the fact.