This strategy might have a different name and may be a standard name but I call it incremental staking.
So what is incremental staking? Before explaining this let's consider some live scenario. Let's consider Eng v NZ 5th ODI which is on it's way while I write this strategy.
My prediction was that few quick wickets will fall and I suggested to start with backing NZ first and when wicket falls back again and keep backing all the way up as odds increase.
The question is when do you back a team when odds are expected to increase? There is no single point in time where you can just back and be satisfied that you have backed at the highest odds possible? It doesn't work. Odds keep fluctuating and no one can predict in advance how much this fluctuation will be. The only thing you can predict is a typical fluctuation range.
So how to back a team and still get the best overall average odds? The answer is incremental staking plan which I've described in this strategy.