Horse Racing is this why horizontals pay more?

remember when I read steve crist's book "exotic betting" a long time ago, he said payoffs on these are better over the long haul because even though the takeout is higher you are only being taken lol once.. I respect him as a player and someone who's knowledgeable about the game in general.. one time ceo of the drf, harvard grad, ny times writer and multiple books


was wondering if this math shows it.. didn't get this from him but think it makes sense

figure 17% take on wps and at nyra 24% horizontals



pick 5 with all even money's

2 to the 5th or 32 (no take)
less 24% takeout =23.5 odds (31 *.76)


rollover (parlay) 5x with horses that pay about $3.65 win (17% take on horse that otherwise would be even money with no takeout

1.83 to the 5th or 19.5 odds (17% taken out per race.. took out original 1)


so almost 20% more with the horizontal (one time 24%)


then of course there are other things like lower odds horses taking too much action but that's beyond the scope of this topic


any opinions welcomed

Source.