I think I can't really put an "odds return" on it per se, because the sequence and using several horses in a race dictates it.
Ie, if I'm live in the last leg to a 6-5 horse, an 8-1 horse, and a 30-1 horse, I think it's fair for the pick-4 to return $500 on the favorite if he wins and my 30-1 horse runs second, who would have paid $4500 on the wager.
While I'd generally like to see in the 12-1 to 15-1 range, sometimes the sequence goes chalky, and a 4-1 return is fine because the money invested gave me a chance at some longer priced horses within the sequence, and those are the horses that can wind up returning the 100-1 payoff.
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