It is also known as the Due Staking Method and has been around for decades.
e.g. 10 races, win 10.00 targeting 1.00 a race.

On paper, it works if you can pick winners.
It works if one can pick a winner within say 10 bets with min price of say 3.30
or odds- on shots within 5 bets.

It also works a treat if one uses the Retirement Plan rules with it and start again once any profit is made.
That’s what I would recommend, because that plan uses a min divisor even though the actual selection may be a lot less and it will eventually, still show a profit.

Other wise, the bets can get high, if one goes too far using really short divisor odds before hitting a winner.

You have a greater chance of making a profit using this than using say level stakes where you are lucky to break even.

You can also use this over 2 horses a race , going half & half over the 2 horses, then entering the dividend figure as half into the result column.
This will greatly reduce ones run of outs.

Like I said , it works on paper if one can pick winners, just like you have to do for any other staking plan for that matter.