Maybe my maths is weird but I make that a strike rate of 22%. You may have got 48 winners from 130 races but you actually got 48 winners from 218 bets. On your system I could bet every horse in every race and claim a strike rate of 100%

Using 22% and a average dividend of $5.48 over 218 bets I got a max drawdown between 15 and 32 as a rule over several runs. This would indicate a bet of perhaps 2% of bank might be safe.

BUT !!!!

218 bets is not enough to judge a system on - you may have had a good period or you may have had a bad one. The strike rate or average dividend could be quite different from the one you got in your test period.

Heres the maximum drawdown simulator if you want to play with it.

http://home.iprimus.com.au/jfc2000/drawdown.htm

KV