Without a doubt, I see nothing wrong with "dutching." The name of the game is ROI and a one race / one horse bet is as simple as it gets (the odds will dictate if covering 2 horses is worth the 2nd bet). Adding more races and more horses are just more factors which increase the chances your 8-1 or 10-1 pick will be a wasted effort in your search to make a big score. As stated before, the risk / reward ratio is for each individual to decide for themselves.
I have split bets quite successfully; especially in races with large fields (Evangeline Downs). More chances for the favorite to get beat and the money is spread around so you can get better odds on your choices. Just my thought.
