>the redboard win I can take. the extra 80 cents I can not.<

I really didn't consider an $8.00 horse to be redboarding. If you can't come up with an $8.00 horse once in awhile, you've got problems. ;-)

Exchanges are a source of some valuable bets. Not only do you occasionally get much better prices, you can book action on horses you hate. Typically, if you hate a horse, you are forced to construct a bet on other horses to take advantage of the situation. The problem is that it's not always clear where the value is. We all have limitations to our insights. I often find myself staring at the board knowing the favorite or second choice is vulnerable, but I have no idea how to bet the race. At an exchange, I can check the price and book bets against the horse if the price is similar. That simplicity is very valuable for someone like myself that is honest with himself about the kinds of races and situations I understand vs. those I don't.