US author and professional punter Dick Mitchell once wrote about this type of betting, which is usually named Due Column wagering. Don’t be fooled it’s the way to the poorhouse and is doomed to failure.

The following is and extract of what Mitchell wrote:

“Don’t be deceived by this type of scheme or any variation on it. It’s death on the bankroll. It’s a money burner of the largest magnitude possible. These types of techniques look plausible. They sound wonderful on first hearing. What an easy way to make money. Please be warned that whenever something sounds too good to be true, it usually is. Easy money is the road to the poorhouse … (it is) insidious … it’s a weird system of money management.”

I once monitored a number of popular newspaper tipsters, some good, some not so good and some just plain bad with a capital B.

One tipster who until recently was the racing editor of the Melbourne Herald-Sun, Shane Templeton had a wide following, making appearances on a number of radio stations. Overall, he would be judged as not too bad a tipster, often landing a nice priced longshot. However, during the monitoring period he once had a losing run of 32 selections (equivalent) to four meetings, had a 6/4 winner then another 14 losers. Imagine what a run like that would do to most staking plans/money management systems such as the one described.

Do yourselves a favour and your bankroll a bigger favour – DON”T DO IT. Failure and disappointment is almost guaranteed.