Thanks to RICH and Rocky for bringing some statistics aka facts to an exchange
which has consisted primarily of opinion and anecdote.

What someone should do is take all mutuel pools for a particular year and
determine how much is wagered win and place. Lets say the result might be that
nationwide 100 million dollars a year is bet win, and 30 million is bet to
place; then after seeing that 30 million (hypothetical) sum we can all agree
as reasonable men that "nobody" bets to place. OK.

Fun fact: Average place mutuel, Ky Derby, last 11 runnings: $19.00, skewed of
course by Giacomo's Derby, where Giac paid $45.80 to place and Closing Argument
paid $70 to place.

All of that being said, I must anecdotally add that probably less than 5% of my
lifetime wagers have been place or show. If that much. I would not be surprised
to find that in recent years a large portion (almost all) of my straight wagers
have been part of a scheme to "hedge" a multi race wager.

Speaking of "hedging", really enjoyed the four part ABC treatment of Bernie
Madoff. Amazing that Richard Dreyfuss has now played two of America's most
beloved men -- Dick Cheney (in Oliver Stone's "W") and Bernie Madoff.