Great question. The only obvious answer I can give it was purely a hedge in case he lost with a realization that there would be a sacrifice in pari mutual payouts if he did in fact win. The difference in what he paid to win - what he paid to place.

The next approach as you mentioned is if you play underneath in exactas who do play over him? ALL? Its the only way to be covered if he does run second. The exacta with the eventual winner was $48 for a $1 so this would have been the right way to go. Im not sure with WoW or Intrepid Heart how it was paying.

I'm sure it could have been played better. Just as I am sure the trip or ride could have been better. I did bet on the horse with the fastest figure in the race (by a ton I guess) did I not? And I had been saying it for weeks