So, money management, eh?
Breakeven is 65%
Meaning, if Hilarious Clowntown has a 65% chance of winning, you can make this bet 1000 times and expect to break even at zero.
On the other hand if it's chances are 80% then, using $20 as a base bet, in ten attempts you would expect to make (9.2 x 8) - (20 x 2) = $33.60
In 1000 attempts you'd expect $3,360
In 10 attempts you'd expect to make about 16.5% on a total of $200 wagered.
Now, let's say you have $200 to bet on Himmlery.
Theres a two in ten chance of losing it all. So you could divide that down to 1/10th, or $20, on the theory that your chances of coming out ahead after 10 attempts is much better.
A) Do you think she has at least an 80% chance, and
B) Do you have $200 to put on that using $20 as a base money management unit?