Here is a horse racing staking plan.
It is designed to place lay bets; i.e. one is betting that a horse will not win..
If the horse you have laid wins the race you lose your bet.
You payout your stake times the odds/price of the horse.
The payout is a function of odds and stake
The plan below is "designed to minimse the damage when a payout occurs.
Given only three tiers I wonder whether the structure can be improved.
Bank 500
Price below Lay ....Stake as % of bank
3.5...................... 1
7.4 .......................0.6%
11 ........................0.4%

The goal.
To determine which favourite(s) to lay, excluding 1st
To determine how many favourites to lay in one race
Given only three tiers what price strucure and what % of bank to lay
Favourite % wins .....Av Odds/Price
1st .....42.8%
2nd ....17.9% ...............5.5
3rd .....13.1%................ 7.2
4th..... 7.2% .................7.4
5th .....7.1% .................8.2
6th .....2.9%................. No reliable figures but in excess of 15
7th .....2.8%................................. "
8th .....2.7%................................. "
9th .....1.4% No reliable figures but in excess of 20