Yeah, but don't toss out a horse racing analogy unless it threatens credibility. I just spent three weeks at Saratoga, same as every year. Your scenario is flawed because it brutally twists the bottom line, identical to what Feeley supporters always do. The guy who supposedly bets longshots but only wins 20% of the time might come out far ahead of the pantywaist bettor, the guy who thrills to collect $2.80 to win. Indeed, that clown is very similar to A.J. Feeley because he needs to win virtually EVERY wager to come out ahead, same as Feeley needs to complete almost every 2-yard pass to even threaten the red zone. The risk taker might hit one 30/1 shot every week and thrive, just like an occasionally accurate Frerotte bomb.
The dumbest old saying in horse racing was, "pick 'em to win, bet 'em to show." That's the mentality you're talking about, collecting tiny chunks and being convinced it's the proper methodology. That's Frerotte vs. Feeley in a nutshell. But any astute horseracing handicapper will hit the floor in a seizure of laughter at that strategy. Over a sample of hundreds of wagers you will ALWAYS come out further ahead by wagering to win instead of the so-called safer place or show. Just check an Andy Beyer book and see what he says in this regard. Yes, you tear up many more tickets but the end result is superior. Again, that's like accepting Frerotte's high number of incompletions with the knowledge it will result in something close to his lifetime 7.1 yards per pass attempt due to the deep throws, while Feeley's dumb dumpoffs net 5.8 yards per try.
Unless a wagering pool is askew I wouldn't dream of making a show wager. Nor a steady diet of low priced horses. They are historically overbet, the public falling in love with the favorite and sending him off at less than true odds. In fact, I turned the corner at Saratoga this summer by isolating a nice 11/1 shot on Whitney day a few weeks ago, a horse called All Trumps in a minor stakes race. He was 5/1 early line but the public ignored him all the way up to 11/1. That was value. He won handily. Later in the feature race, the Whitney Handicap, the favorite was Saint Liam at roughly 1/2 while chief rival Commentator, a speedball, was 3/1. I suppose your safe bettor would have identified Saint Liam. My gut told me the race was virtually a tossup, with just the slightest edge to Saint Liam, so I took the far superior price on Commentator and was rewarded by half a length. It got me slightly ahead for the meet, almost enough to cover expenses anyway.
How the heck did this turn into a horse racing diatribe?