Beton & Ocho- you are both correct - the below confirms your figures, and I can see why you do not lay under $2.00. Taken from Betfair SP Results:

Date Daily Progressive

1-Jun	$ 110.01	$ 110.01
2-Jun	-$ 150.00	-$ 39.99
3-Jun	$ -	-$ 39.99
4-Jun	-$ 28.09	-$ 68.08
5-Jun	$ -	-$ 68.08
6-Jun	-$ 30.00	-$ 98.08
7-Jun	$ -	-$ 98.08
8-Jun	-$ 30.00	-$ 128.08

Summary:
14 Races with a starter under $2.00
Average BSP: $1.54
Won: 10 - 71% SR
Lost: 4 - 29% SR (but all 4 placed)