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If I understand correctly you get
5 horses in race 1
4 horses in race 2
3 horses in race 3
2 horse in race 4
1 horse in race 5
If you just took best horses on all 5 tickets in the first 4 legs you would have something like a
.8*75*.65*.50 or about a 19.5 % chance of being 4 for 4. So if you just the same horses on the first 4 legs and use a different horse in leg 5 than you would essentially have almost 20% chance of being 5 deep in the last leg, which would give about an 80% chance of hitting leg 5 for your 5 tickets. So for your $50 your at about 15 to 16% chance of hitting. Break even is about $350.
If I am misunderstanding the bet, let me know and I will try again. But that is one option. But ultimately your playing the card. If you like 6 horses in the race you are stuck with 2, you may want to spread that one, hope for a price and zero in more on leg 5. Like any other bet you want to focus on value when you can(your idea of the best may not be the same as the publics view of best-the further away your picks are from the public the more your percentages will get down, but the more you get paid when you win (and that is the name of the game).
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