I think what's really happening is that most people are losing around the track take plus breakage (maybe a little more because they avoid heavy favorites that outperform the track take) and there are a handful of very good and excellent players being subsidized by the truly awful players that bet hopeless horses (usually longshots at 20-1 and higher) that should be a LOT higher.
Those are the only people getting totally killed. If you stay away from the truly dead horses you aren't going to lose too much more than the take plus breakage even if you are throwing darts at the remainder.
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