If for example one had a place system striking at 64%, to calculate the odds of getting a run of three wins in a row, is it simply a case of multiplying 0.64x0.64x0.64 to work out the percntage chance of that occurring?

So .64x.64x.64=.262144

So to use this sytem for a three run all up bet, I would expect a strike rate of around 26%. And therefore the combined total of that all up would need to be $3.85 at minimum to break even in the long run?

Is my maths correct on this example?

Cheers