Fundamentally right Dirk, but the key is value here.
While two out of three must lose (except in a deadheat), the one should pay much more than 2/1 if a horse at good odds is included.
If I like a horse at 6/1, I would not be boxing it with the favourite and second favourite - I'd consider putting in something at odds capable of running a place and something at around 5/1 or greater.
Therefore should two of the three run 1st and second, I'd recoup my investment and achieve possibly better overs than backing my horse straight out.

The same goes for Quadrellas and similar.

[ This Message was edited by: Chrome Prince on 2004-09-08 12:37 ]