I think those figures may be a little low, as not all horses had a 20% chance of being winners. I.E. poor value / bad selections.

The fact remains, the system falls down at level stakes, in which case it must lose in the end, no matter if it's one day or one year; it's still the same result.

The probability of winning longterm is 0%.

If anyone is considering using Bert's system, I would suggest taking all profits out of the bank weekly, and so when you go bust, you may just be in front. MAYBE!

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Treat your selection and staking methods not with optimism, nor with pessimism, but with realism.