Not sure if this was overlooked or someone else commented. If so, my apologies.

So many reasons to prefer hitting six 5-1's than one 40-1.

a) More plays.
b) More money (yes, more money!) Just letting your winnings ride on a 3 horse parlay would get you 125-1. Six in a row: 15625 - 1!!! Better than 40-1.
c) If you bet big on a 40-1 shot, you would cut down the odds far more than on a 5-1 shot
d) If you can winning 5-1's consistently, you would be the better handicapper because . . .
e) There are fewer opportunities for winning 40-1 shots.

Sure there are more, but if I had a choice between going to the track with the guy who made only 6 bets last year, all winners at 5-1, or the guy who made only one bet and won at 40-1, I'd want to go with Mr. 5-1 and would seek his advice. Then, after the races, would ask Mr. 40-1 to get a beer and explain his luck (sorry, his thinking!)