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Just saw this post Mick and some how missed it. Your payout study basically mirrors a study done many years back by Burton Fabricand and published in1965.
What his statistical study found was that horses win according to their odds, or in other words the greater the odds the fewer the frequency of win. Booking tables were developed based on the percentages of wins and still hold up today.
I believe lumping them all together is a fools errand. Essentially if one wants to know about the unknown than study the unknown.
Mitch 44
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