Chuck asked me to post the spreadsheet he made up for this. Here it is:
Essex Plan II.xls
Here are the usage instructions he gave for this spreadsheet:
1) Enter a dollar value for the unit in the top box...say $2.00 for example,
2) When you start a new series, best to enter an “L” in all 12 of the center boxes.
3) Make Play No. 1, then record a W or an L. The next bet is computed. Continue the series until it “clears arrears”, meaning a positive value in the Arrears box.
4) The first bet is always 1 unit and the second bet is always 2 units, regardless of the wins and/or losses.
5) Because the Essex plan assumes an even money payoff each time, the results will vary. You could clear arrears without making a profit. The reverse is also true in that you may make a good profit without clearing arrears. All depends on your $2 mutuel. I used it many times years ago and it works.
6) The basic idea is to parlay wins (or place, etc.). The spreadsheet can only handle up to a 12 bet series. If you have played 12 races without back to back wins, set this aside for awhile and regroup on your handicapping!
7) Once the Arrears is “cleared” (when the figure is a positive number), disregard the next bet. it will not apply nor be accurate. Simply start a new sequence.
Here is the article from Follow Up #37: