As a starting point, decide on who the win-contenders of the race are...and then ask yourself: "How many times would each contender win, if this race were run 100 times?". Your win estimates could then be easily converted into an odds-line. Of course, as with everything else in this game...the more sophisticated you are as player, the better your odds-line becomes.
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"Theory is knowledge that doesn't work. Practice is when everything works and you don't know why."
-- Hermann Hesse
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