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Since parimutuel wagering is a Dutch Book, a proposition aimed to favor the house, consistent bettors must be irrational actors spurred on by a subjective feeling, a belief. This belief hinges on a feeling that we know more than our peers. Why? Because we know, analogize is a better term, that the other bettors are like us and also irrational. Even the last-second-posting algo's are designed by men and those men are fallible. Hence the wonderfully contradictory nature of the parimutuel system: it is both invincible and vulnerable, it repels and attracts.
Every time I bet, I am stating I am better (in this race, I know something you don't) and no better (in this game, we are all acting on a belief) than my peers. No machine can think this way. By betting I affirm my humanity and come closer to understanding what may transcend it.
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Is there no standard anymore?
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