Lets just break this down a little so all understand what is being offered here.

Progression bett that in itself is a bit risky lets do some simple maths, we will start small $2 now if you are backing favs you would need to double this everytime to get a profit when a winner is struck.

$2
$4
$8
$16
$32
$64
$128
$256
$512
$1024
$2048
$4096

This is after 12 losses, are you willing to continue after these losses?
Can you get matched on betfair for this amount of money after all we are talking fixed odds and we know a bookie will not keep taking the bets at any amount.

This all sounds very simple and we see favs win all the time, but have you done the numbers we are talking what if they don't win what is the backup plan and do you have the bank and the balls to go on with it (for the ladies i am not sure what you need since you don't have balls)