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I can comment a little on late concellations.
Typically there are rules that prevent betting clerks from doing late concellations because the tracks are trying to avoid odds manipulation. The rules are often related to bet size. If you go to a clerk and try to cancel and change a $2 bet long after stepping away from the window, many will do it for you. If you show up with a $500 straight exacta or 5K to win, then they are way less likely to do it because it is probably against the rules and they could get in a lot of trouble (cancels are generally tracked). However, there are occasions when manager approval can override the rules. Also, if the clerk accidentally punches the wrong horse or amount (not that uncommon for a clerk working quickly in an effort to satisfy a line full of screaming customers that don't want to get shut out), he/she will usually cancel and correct it no matter how large it is and how close to post time as long as the player didn't leave the window.
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"Unlearning is the highest form of learning"
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