Thank you all for the great feedback and comments.
Judging on the responses so far, it might be prudent to note that just because a horse is value for the win, it might not necessarily be value the place and vice versa.
Question:
Is anyone using the place bet as a saver?
E.g. Win price $2.40 Place price $1.35
Divide 100 by the place price of 1.35 = 74.07%
Place 74.07% of a unit on the place.
Put the remaining 25.93% of a unit on the win.
If you're horse comes 2nd or 3rd, you get your money back.
If you're horse wins you get odds of $1.62.
It could help to smooth out the ups and downs of your betting bank.
It would work best if your selection method made more on the longer priced selections, as the percentage put on the win would be more.
Point to note: This technique only makes financial sense if your selections make a level stakes for both the win and the place. Otherwise, it's more for your general sanity on the punt.
The Schmile