i've said this before. statistical tests for efficiency in the parimutuel markets dramatically show the potential for profits BEFORE rebates, diminishes. this time period, is what i would call the twilight years of horserace gambling.
you see today you don't have to have a positive roi BEFORE rebates, if you have a selection method that gets .90 roi BEFORE rebates, and you are a large bettor, getting a 12% rebate you can churn a very nice amount of money to get a very nice roi.
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