You professionals will no doubt raise your eyes to the heavens on this one but I need to ask anyway.
Say I set myself a target of $100/day.
I back my first horse at 2/1 for $100 and lose.
Next horse is 25/10 and I still need to make my target.
Is there a formula that I can use to calculate my next bet in order to regain my losses and also make my target of $100?
Once you've stopped shaking your heads, can anyone help me?
Gnarkley

Add the $100 you lost to your next bet (Target $200)and divide by 2.5 = next bet $80.

Cheers
darky

The CORRECT bets for the odds and Target you quoted are.

Target $100----Odds 2/1------Bet $50

Target $150----Odds 25/10----Bet $60----Return $210

So out $110-----Return $210-----Profit $100.

target 1 = 100@ 2-1 lose $50
next target =100+100+50=250
target 2 = 250 @ 25-10 so next bet is $100

you can set up a spreadsheet using the usual formulas eg ....... sum=(a1+b1/c1*c4) etc etc

Read Gnarkley's post again..............the amount quoted is a $100 A DAY.............NOT per race.

Thankyou all,
I don't have much of a maths brain I'm afraid.
Gnarkley

oh yes that's right, but also he didn't say that there was MORE than one bet per day, funny isn't it right and left brained and all that, I took it as one bet per day but on reading it again I presume it's several bets per day???

Next question then is what about if you don't win that day? is it carried forward or not? i.e. you can just accept the loss for that day and start fresh every day, in which case I would suggest having a maximum amount that you are prepared to lose in any one sequence.

Hello all,
I wanted to make a profit of $100/day. I hadn't considered not making that on any given day so I guess it would actually be $100 per series of bets, if forced to carry over.
If I use darky's method, losses + target / odds I don't think the return is high enough. My outlay would then be the original $100 + the $80 following bet for a return of $200, $80 short of the target profit.(If that's right, remember no maths brain)
Now don't ask me which one the denominator is or even the name of the other one but I saw somewhere that if the odds are 25/10, you divide 10 by 25 and multiply by your target, but this doesn't take into account the outlay for this bet.
Party, your idea seems right but you got off to a bad start because I didn't explain that the target wasn't just $100 but $100 profit.
Disregarding the fact that you were given the wrong info to start with Party, how did you come to the figures on the, 'next target' line?
So at 2/1 to make the $100 profit I needed to outlay $100. Lose that and the next bet needs to profit by $200 (loss+target). Lose that and it's the target profit(100) + orignal loss(100) + last loss(????) etc.

target 1 = 100@ 2-1 lose $50
next target =100+100+50=250
target 2 = 250 @ 25-10 so next bet is $100

No matter what the odds are, how do I calculate the following bet ( taking into account the outlay for that bet ) to return my previous losses and my target profit?
I am starting to black out after all that and now I'm not sure what I wanted anymore. Does anyone know where I'm coming from or have I simply lost the plot? What am I missing?
Gnarkley

Gnarley,
I don't know whether you read my post or not, but for what you want, which I now presume is a $100 profit every time you get a winner, is the correct way to work it out.

E.G. Target divided by odds gives the bet. Lose

Target + previous bet divided by the odds gives the bet

Exactly the way I previously posted.

gnarkley, where you're going wrong is that you are thinking that 2-1 = $2 return for $1 not so of course thats even money or 1-1,

if you had $1 @2-1 you would recieve back $3 i.e. $2 winnings + your $1 stake back)

it is a mistake made by many newbies and incredibly by many old timers as well.