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

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.

Yes Party, that is exactly where I have lost it.
I knew it was in that area but I had no idea what I was missing.
So let's say, if I had lost 400 and still needed to make my target of 100 I need to make a profit of $500 on the next.
Using Peterpan's formula ( many thanks Peterpan), if the next bet was at 2.9 I would need to divide 500 by 2.9 to find the bet. Approx. $173.
This makes my outlay now $573
That is where I'm having trouble;
To make $100 on a 2.1 return I need to bet $96. If that loses I need to make $196 on the next bet @ 2.5. 196 / 2.5 = 79 approx. That will return $197 approx. So I have now outlaid 96 + 79 = 175 for a return of $197 ????
I just don't get it I'm afraid.
Gnarkley