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Dave and Jason know more about this than I could hope to, but I'd add that ADWs (AmWager especially) provide methods to upload vast number of wagers for anyone who cares to e.g. 1000s+. Anyone w/ programming experience would have an easy go of setting this up, and if one has no programming experience, it'd be cheap to hire a programmer to set something up for you (PM me if this is something you're interested in).
I'd also add that it's impossible even for the last bettor to get "fixed odds", given the tote limitations. The final bet amounts aren't shown until well into the race.
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