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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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Sure it is, if you think the horse is 1/5 to win. I'm not ever going to do it (i'd rather play the goddamn slots than bet 4/5 shots all day), but if you have $100,000 lying around and you can get an 80% return on what you believe to be an 80% proposition, you take it every time.