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Why were you using the morning line rather than the actual line in your handicapping and value estimations in lesson 4? Even in the example that you presented...the winner of the race (the #3 horse) was regarded as a 10-1 choice in your pre-race analysis...even though it ended up paying only $12 when it won. What is the advantage in using the morning line instead of the opening line?
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Almost a year ago I came to the conclusion that value handicapping using the tote board is, essentially, dead. There is just too much movement. At high rebate tracks around 75% of all winners are bet down from the time the horses enter the gate. The losers go up and the winners go down. It is as simple as that.
I concluded at that time that I had to re-calibrate my handicapping against an adjusted morning line. That re-calibration has worked. A significant percentage of the time the winning horse is still bet down, but I am no longer caught in the trap of "Well, he was a good bet when I bet him."
The bottom line is that it is clearly working for me, as it is for many of my software users.
Just to be clear, we use an adjusted morning line. Adjusted for scratches as well as conformation to a reasonable number of "booking points" at this track (which is determined by the takeout but easily computed ONCE for each track).
BTW, using this approach, I find a remarkable number of races where I wager multiple horses in a dutch against (my version of) the morning line, and the largest bet I make actually pays double digits. That is why I live with the races where I get back less than expected: there are just so many of the other kind that they make my day.
My most profitable races are not the $70 winners because I usually have small wagers on them. It comes from the $11 winner that I loaded on, in a race that called for a large wager and he was (say) only 3/1, thereby gathering the largest wager.
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My next question has to do with your admission in the video that you -- before you were given this coaching -- would often make wagers on horses that really had no realistic chance of ever winning the race. Why were you making bets on these horses in the first place?
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What I actually meant by that could be best described as "betting pure value."
Imagine that you have a race with 4 contenders. They are, in your perceived order of value:
8/1
12/1
6/1
2/5
I don't care how bad I think that 2/5 horse is, he is still going to win half the races or more.
But with that horse being one of my contenders, his hit rate is probably more like 65% minimum.
This means that however I bet the other 3 others, at best I am winning 35% of the races, and probably no more than 25-30% of the time (split between all 3 horses).
That is an example of a race where you either bet the 2/5, pass the race or wager a relatively small amount of money on the other 3 horses.
If you pick one... say the 12/1 horse. Just follow the math here. Let's say that you figure your edge on 12/1 horses is about 20%. That means your expectation in 100 such wagers would be a return of about $240. Since that horse will pay $26, he is going to win about 9% of the time. ($240 / $26 = 9.2%)
The point is that betting
pure value sometimes puts one in a spot where they are going to lose most of the time. 9-times-out-of-10 should cause one to re-think how they play.