Hi Joe
The Fibonacci staking plan when used for Lay betting should idealy be used on prices that are $2.00 & less to make the thing work to our advantage.

The original idea was to target prices up to $2.20 & no more, so as to keep the race liability low.
e.g. Where we say win means , we win because the horse fell over.
1 1 2 3 5 8 13w at $2.00
O/L 33
Ret No.1= 26
Short -7

Now repeat last bet of 13w at $2.00
Ret No.2 = 26
Plus the other ret 26 = 52
Total O/L 46
Profit +6

We repeat the bet if we are not in profit.
So in this example , we only needed 2 successes out of 8 to show a profit
of +6.
1+1+2+3+5+8+13+13= -46 - Ret 52 = +6

At level stakes betting 1unit, we would have been behind by -4
Betting equivalent O/L over the 8 races at level stakes at
$5.75 per race = -23

We are assuming all the selections were exactly $2.00
In other words 1 for 1
If the prices were slightly less, our outgoings if they come 1st would be less.

e.g. $1.50 horse goes against us . Our payout or liability would be .50c for each $1 bet. (We keep the $1.00)

I feel a bank of 200+ units would be needed if one wishes to entertain the idea.

One way to weed out false odds on horses, is to target the ones that are going up in class.
Class can be confusing to most & understandable so.
One simple way, is to look at the prize money of its last race compared to todays race.
If todays race has more prize money than its last start , then we can confidently say it is going up in class.
That's when we Lay bet it to fall over.

Cheers.

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Cheers.