Betting Strategy

[dean smith]

I'm not as seasoned a handicapper as a lot of you guys, so try and pass a little of that knowledge my way, please.

My question is this: Is there a rule, or a textbook betting strategy for betting an 8-10 horse field with a 2/5-type favorite, 2 or 3 "contenders" at 7 or 8/1, and then the rest at 20 and 30/1?

Assuming I also agree with the public that the 2/5 favorite is the probable easy winner, it would seem to a rookie handicapper like me that betting the favorite to win is out of the question (too much risk for little reward), therefore my only options are to bet exotics with the fav on top and attempt to score with the $12 exacta and $20 trifecta payoffs, or I can try and find some reason one or a few bigger-odds horses can shock the world and try and beat the favorite and score with the $30 win payoff.

What's the right answer here -- or at least the right play in this situation?