Brought up by jai-tech a short time ago.
For example, the Superfecta is often a consolation payout. Knowing that, is there something you can do with your bets to take advantage?
Are there certain combos which, though still rather likely, are still more prone to result in a consolation? And, if so, how might you bet it?
Let's assume you expect a 7-1-5-x, in a $3,000 pool. What are the relative advantages of covering 7-1-5-all vs. 7-1-5-yourchoice? If you pick the first 3, you might cash 5 consolation tickets.
Bear in mind also that, because it's a consolation payoff, you probably won't be talking to the tax man.
Food for thought.