Longshots should be bet across-the-board; that is, to win, place, and show.

MAXIM

Longshots should almost never be bet to place or to show. Bet longshots to win. When longshots finish second or third, almost invariably the place-show payoffs will be shared with a favorite or a low-priced horse. That reduces the longshot's place-show payoffs to a low, unfair amount.

In fact, horses that handicappers prefer at 2-1 or higher should be bet to win, not to place and not to show. The only horses that should be bet to place or to show are strongly overbet favorites, such as even money shots or odds-on horses. These overbet horses frequently will be underbet to place and to show, giving handicappers fair to generous payoffs when the favorites finish second and third