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Originally Posted by Slewbopper
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.
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Um....no. There could easily be a 4:5 shot that is " value " ( what if Bernardini had been 4:5 in the JCGC ).
" Value " is anything where the odds you are receiving are greater than the ACTUAL odds of the event occuring. Obviously this doesn't happen a lot in horse racing, due mostly to the takeout and partially to the efficiency of the betting pools, but it is can happen though its provability in racing is nebulous at best.