Original Poster: You are double counting (i.e. there will be occasions when you have exactly 1 red after drawing 2 and have exactly 2 reds after drawing 4)
The answer is $2\min(b,r)/b+r$.
Without loss of generality, suppose that $b\ge r$, and write $b=r+k$.
I will show that the probability that the number of blues is always more than the number of reds is $\frac{k}{b+r}$, meaning the probability that they are sometimes equal is $\frac{b+r-k}{b+r}=\frac{2r}{b+r}$.
Indeed, I will show more - I will show that if you put $b$ blue balls and $r$ red balls around a circle in any order you choose, then there are exactly $k$ balls you could choose such that starting with that ball and reading clockwise the number of blues always exceeds the number of reds.
Choose any ball. Have a counter that starts at 0. Starting at ball X and continuing clockwise for ever, increment the counter if the ball is blue, and decrement if it is 1.
After you have gone round N times, where N is any positive integer, your counter will be at kN, it will never have been smaller than -r, and thereafter it will never be smaller than kN-r. Therefore there are at least kN-r and at most kN-r times that the counter has been at a value it will {\em never be at again}. Note the counter is at a value it will never be at again if (and only if) the ball you are pointing at is a starting point where the number of blues always exceeds the number of reds. Thus, if there are z such balls,
$kN-r\le zr\le kN+r$. Dividing by $N$ gives $k-\frac rN\le z\le k+\frac rN$. Now, letting $N$ tend to infinity shows that $z=k$.
Thus there are $k$ possible starting points. So if you choose any random starting point, it will lead to the number of blues always exceeding the number of reds with probability $\frac k{b+r}$. Since this is true of any ordering of the balls, if you choose a random ordering and then a random starting point, you get the same probability. But this is just the same as choosing the balls randomly.