Good point, DO. While I think he could place, ultimately I am pissing in the wind with Regal Encore, as he can't win.
It's the kind of race that could end up cutting up in running depending on the ground and pace. I would envisage RE, if it ran, being ridden for a place as it is simply not well enough handicapped to win a Hennessy. A £20-£50k Saturday handicap maybe, but not a Hennessy. I don't think 50/1 is generous.
However, the place-only market is a route I often consider if I like the look of a rank outsider I genuinely don't think can win but might have strongs chances of placing. The mental approach (mental indeed, I hear you say
) I take is that if I'm backing, say, a 50/1 shot place only at 12/1 in the belief it cannot win, I'm getting the full 12/1 then I can put the full stake on. In my head I convince myself I'm then getting double the full price but not losing out on the wasted win portion.
EG
£10 ew at 50/1 cost £20, returns £135
£20 at 12/1 place only costs £20 returns £260.
To get the latter return from an ew bet would require pretty much double the stake or double the win odds (and
8x the place-only odds). (£10 ew at 100/1 returns £260)
The place-only market can be a useful approach a) when the odds are right, and b) when you don't really think the horse can do better than a place.
I've been known to back the same horse in both markets.