Grabbing value in multi-leg wagers has been spoken about quite a bit in racing in places like Chris's Bet with the Best podcast; after in my view, being partially dismissed for a good deal of horse racing's history.
In other games this is commonplace, as I was reminded just this week, when Rob Pizzola was talking about NFL survivor. Both the Atlanta Falcons and Indianapolis Colts were 5.5 point road chalk, but data showed 12% of survivor picks were on the Falcons and only 4% were on the Colts. His point, which was an obvious one in the betting space, was to take the Colts, regardless of your handicapping.
This is what most of us look for in racing. Key an even money shot which may only get 38% of the tickets, a 2-1 shot that may only get 20% of the money, etc. We scour for these horses each and every sequence.
For the past couple of years I think this strategy has been sound. But in harness racing at least, I am beginning to believe it's getting harder and harder.
Last night I did what I usually do - I handicapped the pick 5 at Mohawk. I got to race three and saw an obvious dropper who is almost assuredly going to be chalk. I double checked the public picks, and even sharps like Rallis had the horse a best bet type in that race. I decided to zig instead of zag, because the five horse looked, to me, to be equally capable. The 5 was the Colts, the one horse the Falcons. There's my key.
The board opened, and it was clear there was no value, despite my zig. The five was bet to even money in the sweeps, the one to 2-1.
In the late pick 5, the exact same thing happened. In the 4th leg, it was a quintessential spread race. We had a class riser who has been huge, a class dropper surely taking money, a speed horse with some go. And the horse I liked, rising in class off a nice win I thought was miles better than on paper. I once again checked the public picks and only two of 8 people picked my horse. Once again, I think I am grabbing the Colts over the Falcons. I also believed I'd get 2-1 for a flat win bet.
The horse was 4-5 in sweeps, and was bet down to 2-5 last flash. The horse won, but not like a 2-5 shot does, like an 8-5 shot does. But such is the way of the pools, even at tracks like Mohawk where $2M per night are wagered, it appears.
I was listening to a chess podcast this week about strategy. No, I don't play chess, but the top players use many of the same skills we need to use to win at horse racing, so I tend to learn something when I listen. Over the past several years computers have made opening line play bland, where everyone tends to know the proper moves with all popular lines, and an edge is hard to come by. The top players in response have played differently to change the dynamics, and then use their skill to win in the middle game.
For a couple of years now, many of us have used this strategy in horse racing with regards to pick n's. In general, we've tried to beat the statistical "mode", or the most frequent choices by the mass of bettors. But what I'm seeing now - and I certainly admit I could be quite wrong - is the degradation of the game's pools has been so rapid, that the mode doesn't have near enough money to usurp the bigger players - those whom are fading the mode.
This results in a lot of horses where we think we're zigging, but we're actually zagging. It's some sort of weird feedback loop that perils a planet in a Gene Rodenberry script.
I have an idea how to deal with this, and I'm sure many of you do as well. However, for the broader game, it probably means tighter tickets and less handle. These are two things the sport clearly doesn't need.
One thing for sure, in my opinion at least, is this game is becoming harder and harder than ever.
Have a nice Tuesday everyone.