Heres is a place staking plan that can work if if you are backing horses which are paying $3.00 or more for the win then backing them for the place.

Loosing sequence
1,1,2,2,3,3,4,4,5,5,6,6,etc.

Once you strike a place getter , you increase the next bet by an extra 2 units for the next 2 bets until you are in profit.

E.g.
1
1
2
2
3 P$1.70 Bal -$3.90
5
5
6 P $1.90 Bal -$4.60
8 P $1.70 Bal +$1.80 Rule off now & start again.

As you can see , we have turned a -82.90% level stake loss & 33% SR into a profit of 5.80% POT

Bank needed $450

If place betting , its always a good idea to restrict your selections to races with 12 or less runners & paying $3.00+ for the win, we still need to chase some value.

I forgot to mention , that we automatically increase our next bet by 2 units if we strike a placegetter with a 1 unit outlay.
E.g.
1
1 P 1.50
3
3
4
4 P $2.00
6 P $1.80
8 P $2.00
10 P $1.70 Now $2.10 in front .
Rule off & srart again.

This works wll if you can pick the placegetters

Bhagwan, do you have a sense of strike rate/av divs that would make this viable? Or maybe it's not the SR itself but how the winners fall. A cluster of winners together as in your example would make it fire.

It helps a lot if you can hit at least 60% with some paying $1.70+

This place staking plan does work & can take a lot of pounding before the money runs out.

If you Target horses paying $3.00+ for the win & bet them to place ,they nearly always have a dividend around the $1.60 mark for the place.

You must have the bank in place before you take it on .

Try & bet only in races with 8-12 runners.
This improves ones SR

As for selection criteria.
One could target the TAB 1st & 2nd(If fav ia paying $3.00+ OR 2nd & 3rd Fav (If the fav is NOT paying $3.00+ for the win)
& bet the one with the best Wt. Rating as per TABQ e.g. 100,99,98 pts. ect

Let us know how you go.

Thanks bw, will let you know.