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I developed a method with a hit rate similar to yours, with similar results. I would have had many more plays because in many of the races I chose, there existed 3 overlays. But when I excluded any RACES with 3 overlays (2 overlays or less was my new rule) I turned a profit. When I included 3 overlays, I lost my profit. If your records indicate more profit with less plays...would that help?
Just adding, probably worthless advice, because everyone's comfort level is so different. I treated the whole endeavor like I would a index fund, similar to what Joel Greenblatt suggests, which produced only about 30 plays a YEAR. Kind of like a fund you let go for about 5-10 years, before you expect to extract any profit.
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