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These "raise-your-bets-as-you-lose" betting systems have never appealed to me. IMO, sizing our bets is a great idea...but the size of our bets should be determined by our level of confidence in the particular race...not by whether or not we lost our previous bet. I've met a couple of people who tell me that they've been successful with progression methods where the bets get larger as the losses mount, and I have no real reason to doubt them...but this type of progression isn't for me.
Sizing one's bets effectively is a very difficult endeavor, IMO, and it requires a lot of skill. Most players would do better with flat bets, I think...
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"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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