It’s a sunny day, and I’m at the track for an exciting afternoon of horse racing. The first race of the day has drawn six horses, with Silly Me favored at 2-1 and Practical Pam the second choice at 4-1. As the horses get ready to run, I ponder my wagering strategy. Having a free bankroll of $500 to work with (more on that in a moment), I decide to spend it all on the first race – I bet $500 to show on Practical Pam.