In the example you used here the horse in 2/5, so I agree that a win bet is probably not a smart bet. However, I will say that I think some people are overly eager to rule out ever betting on an odds-on horse. Sometimes, you can actually find value in these horses.
If you see a horse that looks like a 1/5 shot to you, and the horse is 4/5 on the board, why not bet it to win?
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