One way to handle a situation like people are talking about with Orb in the Preakness is the following ....
1) make horizontal wagers using a wide spread of horses in the preakness (but not Orb).....presumably, Orb will be very overbet in the horizontal pools and if you beat him, you will get a good payout.
2) in the vertical Preakness wagers, single Orb in the top spot and strictly look for value underneath.
On one hand, your two bets are working against each other. However, it is a way to deal with the conundrum of the horse being overbet but worried he may still win. In the vertical wagers, a lot of money will be thrown away on Orb running second or third....if you only single Orb in the top spot, you are shooting to get the money of the people who put Orb underneath, plus value you can find in other horses. I guess you can look at this sort of play as a hedge.
However, I have found myself in situations like this before where I know the 3-5 is just crazy and I cannot find a way to capitalize on it. Just remember, they all get beat. I have seen plenty of can\'t loses lose. I understand everybody saying he looks so good, but change is the only constant and it doesn\'t matter how good he looked in the Derby or the two weeks leading up to it, all that matters is how he runs on saturday afternoon.