This is a common strategy.
Basically you bet several horses to win the race. Bets are structured so that whichever one wins delivers your profit AND returns all the bets.
Generally 2 or 3 carefully selected horses are sufficient to keep outlays to a reasonable level.
Bets are complicated to do even on a calculator, let alone pencil and paper.
So most punters use dutching software that is either standalone, or that's included as part of a bot or trading software.
Legally FREE and accurate dutching software is here: http://www.horseracingsoftware.net/ (http://www.horseracingsoftware.net/) plus a couple of other very useful programs.
NB: You'll find it's best to use prices over 2.00 for dutching to avoid a negative bet.
A detailed examination of dutch booking is here: http://en.wikipedia.org/wiki/Dutch_book (http://en.wikipedia.org/wiki/Dutch_book)
Thank you dear Max, you're well versed in these topics.
We're lucky to have you here.
Thank you Victor. <Curtsies and smiles modestly>
"But what if my dutch bets lose?" I hear you ask.
Well, you then have two choices:
Option 1: Bear the loss -- and be more careful with you next few selections!!
Option 2: Go for loss recovery
[Option 3: Stop for the day, or even stop betting ever again]
Let's look at these more closely.
Option 1:
A good tip is to pick the races where there are just 2 low priced favourites, with a nice big gap between, say, F2 and F3.
The market is telling you those 2 horses are expected to do well.
And to tighten up your chances even more, ensure you pick such a race with as few runners as possible. Common sense, hmmm?
Far better to bet your 2 horses in 6 or 7 runner race than one with 14 or 15.
Furthermore, by picking a relatively short distance race the jockeys are more likely to ensure a fast pace form the off because there won't be enough time for playing silly-b*ggers with stalling tactics.
Option 2:
Best done by dividing the loss by 2 or 3 and going for a staged, partial recovery over the new few bets.
Trying to recover it all in the next race is almost a guarantee that one will lose as well!!
By then your betting capital is looking decidedly iffy.