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Originally Posted by blackthroatedwind
I do want to say that I agree with the other part of your post but this statement is completely false. " value " in wagering is totally unrelated to whether or not you win or lose. As the simplest example, if you give me 2-1 on heads coming up in a coin flip, even if it's tails, I made a value bet. The point of " value " is that, assuming you truly have it, over time you WILL make money and individual events are irrelevent.
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Value is certainly not betting a 4/5 horse to win, however there can be very good value with that horse on top in an exacta.