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IMO...tournaments should be conducted exactly as live play is currently carried out. The participants should not be told beforehand what races or wager types to make; they should just be given a starting bankroll and turned loose to bet whatever race and whatever wager they like. And the final bankroll becomes the criteria for the tournament payoffs. Race selection and money management are crucial aspects of the horseplaying process...and they should be decisions that are left to the discretion of the player, and not to the whim of the tournament coordinators. And, most importantly, the tournament participants should be kept in the dark about the tournament standings while there are still bets to be made in the tourney. The deciding factor for the wagers should be the skill and experience of the participating players...not the desperation that they feel when they see that they are trailing badly in the tournament standings.
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"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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