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Does anyone recall a term called "Saving?"
Sometimes called "Buying insurance."
It came from the old days - you know - back when they had stagecoach races?
Here's how it worked:
1. Imagine a tight photo finish with a big payoff depending on the winner. Let's say, #6 and he's 20/1, triggering all sorts of big payoffs.
2. Here's a fellow who figures to win a lot of money if #6 wins.
3. A fellow walks up and says "I've got the #5. How about we make a deal? If your horse loses I'll give you $300 and if your horse wins you give me $300?"
4. The ticket holder is thinking, "Well, I figure to make like $2k if I cash, and $1,700 would still be great, but at least I'd get back $300," so he agrees.
5. Unknown to the ticket holder on #6 is that the other guy had someone stationed at the rail who had a really good look at who won. He already knows that #6 is the winner.
6. Furthermore, he doesn't even have a ticket on #5!
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