There's got to be a better way to look at this. The idea of making more plays, esp with dogs, probably isn't the way to go. You end of hoping for one of two +$$ teams to win with the very possibility of both going down. Vegas always wants you making more bets.
Maybe the following works better.
Your friend offers to give you good odds for any 50% proposition of your choice--coin toss, pick 3 numbers from a 6-sided die, whatever.
You can bet up to $100.
One play or two.
The first he's offering +150.
The second he's offering +140.
Do you be the whole $100 on the first flip alone or do you try twice and increase your chances for a profit?
In that case, do you bet 50-50?
60-40?
If this doesn't describe the problem better then I'm on a plain.
I can't complain