Hi Savage
Here is one way for Place betting.
Using the modified concept, start with divisor 2, using lots of 2.
Reduce by 1pt after each placegetter.

Using $60 target
First bet $30
1% of $3000 bank.

Example of divisors used.
2 2 3 3 4 4 5 5p 4p 3 3p 2p 2p 2p ect.
Start again once 2+ units in front.
Never drop below 2/1

I am assuming ones average div is $1.20 which is very low.
Generally its a good idea to have $1.30 as the min amount accepted , other wise, no-bet that race.
One has to aim for some value, other wise its too hard to recover losses.

If Place betting on horses for the place, try & target races with no more than 12 runners , this will increase ones SR.

Remember if one can save one dud bet in 10, that's an improvement of 10% on the overall SR.

Cheers.

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Cheers.