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The %E's main advantage is its supposed ability to distinguish the characteristics of various racetracks...so as to allow the horseplayers to make accurate assessments when horses migrate from one track to another. The theory is that different racetracks place different pace demands on the particular horses...demands which might help one horse while hindering another.
IMO...this is one case where "theory" and "practice" remain far apart from one another. From what I've witnessed, horses are a lot more "maneuverable" than some pace handicappers make them out to be.
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