Can a consistent long-term profit be acheived in horseracing markets?

[Bobby Fischer]

Originally Posted by Bobby Fischer

Belmont Race9 $1ex bx 1,2,3,9 =$12

Lose, loss = $12
new bankroll =1081.20


Comments: I was wrong about thinking First Defence had a 70% chance of quitting out of the exacta. One of those cases where you are basically making a best "guess". In hindsight, a very bad guess. I also think I was too aggressive and should have held out for great value on a guess.
Math=
exotic cost= $12
min expected payout = $20 for $1
estimated $2 price=3.33333
est. hit%=.70
Value=1.155
edgefactor=.80
wager amount=28