Doesn't work mate. I did come up with a mathematical formula in Year 12 (which was a long, long time ago) which showed that it wouldn't work). The reason being,
There is a maximum bet limit betting agencies have for AFL in-game lines. Let's say it's $300 in the above example. On the odd occasion when you lose the $160 bet you will lose the lot b/c the very next bet you can't double up
Even if the betting agencies did not have the maximum bet limit, you will be limited by your "kitty". You kitty now ends up acting as the maximum bet limit.
This strategy of doubling up after a loss (to recoup previous losses) will only work if you kitty is "infinite". That's what my formula concluded. In reality this is not possible.
If you don't believe you can try it out by betting on the winner of "toss of coin". Some betting agencies pay out $1.95 if Australia wins the toss of the coin or $1.95 if NZ wins the toss of the coin (in cricket for example). This odds are better than the $1.87-$1.91 you get for AFL in-game lines.
Hope it helped.
hih
