Only the 1st match. If they lose the 1st and win the next match, all the 2nd match money goes to the stakehorse.
If they lose every match, he's only laying 2/1 the first match.
If they lose three in a row and win the next two, he's back where he started.
If they lose 4 and win 5, he's laying 2/1 again. and he's very happy.
Rod.
P.S. I hope I'm making myself clear. Getting old is not for Sissies.
Rod i understand what you are saying but ill say this again. anyone who is paying out all of the losses but only getting half of the winnings {if the matchup is fairly even} is taking the very wrong end of the bet, And anyone who risks none of the losses and gets half of the winnings is getting a fabulous end of the bet.
Keith
P.S> I hope I'm making myself clear. and I do agree with you about getting old.