if we have $1/$4 bets, and get a strike rate of 4 places (no winners) out of 5, we would need each horse to produce a place dividend of $1.60 to make a profit at the end of the day.

bets = $25

$1.60 * $4 = $6.40 * 4 places = $25.60..so even if we got no winners, and one selection comes unplaced we could still make a profit at the end of $0.60 cents.