Heres is a place staking plan that can work if if you are backing horses which are paying $3.00 or more for the win then backing them for the place.

Loosing sequence
1,1,2,2,3,3,4,4,5,5,6,6,etc.

Once you strike a place getter , you increase the next bet by an extra 2 units for the next 2 bets until you are in profit.

E.g.
1
1
2
2
3 P$1.70 Bal -$3.90
5
5
6 P $1.90 Bal -$4.60
8 P $1.70 Bal +$1.80 Rule off now & start again.

As you can see , we have turned a -82.90% level stake loss & 33% SR into a profit of 5.80% POT

Bank needed $450

If place betting , its always a good idea to restrict your selections to races with 12 or less runners & paying $3.00+ for the win, we still need to chase some value.

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Cheers.