Another approach that is not mentioned much in horse punting & money management , its the use of a ...

Trailing Stop Loss.

This is how it can work.

Lets say we would like to win 3 x initial bet per day.
Lets say it would be great to make say 7 x our initial level stakes bet on a good day = $70 Profit

Betting say $10 units.

Say we set the Trailing Stop Loss at say 7 x $10 = $70

What we do is, we continue betting away & say we have a lucky run & it goes to say $100 & you still wish to keep going because you cant stop because you read somewhere that its best to keep going & going & going.

Our punting takes a turn the other way.

Our P/L balance now drops to $70

The Trailing Stop Loss will kick in if the next bet falls over.
We stop because its Profit is now below the $70 mark.

We have now made $60 profit where usually we would be happy if we hit $30 a day.

Of course the opportunity to win even more is there, if the Profit Bal stays above the $70 mark.
It may go to the $100 mark & stay there.

BetBotPro has this Trailing Stop Loss as one of its options in the program.

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Cheers.