G'day Mad Gambler. Let's take a look at what you're considering. Your strike rate for the win is 48%. Looking at your series of proposed bets, you've allowed for a streak of 9 losers in a row, with the 10th loser wiping out your bank. I wonder if you've ever been to a casino. The roulette wheel comes to mind. If someone were to bet on red, black, odds or evens they would have roughly a 48.64% chance of winning, which is similar to what your system is achieving. I've only been a casino a handful of times, and I've lost count of the number of times I've seen a series of 10 or more losers up come up on the board in regards to if one had been betting on red, black, odds or evens. Essentially what I'm saying is, yes the majority of the time you will hit a winner within your series of progressive bets, but it only takes one run of 10 losers to lose the bank. I'd recommend against any kind of progressive betting. It might win in the short term, but eventually it will wipe out your bank. If you interested in developing a system, I think you would really be better off not considering favourites. Just my thoughts. Good luck, regardless.