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IMO
Venom is by definition toxic; NOT keeping them label will kill a horse for sure because it is so powerful; All track fatalities are required to get necropsy in all jurisdictions- do not know if all or just most test for drugs.
Keep in mind that all the legal and illegal painkillers are used becuase otherwise the horse will be running in some kind of pain, or makes horses feel less tired.
The difference between giving horses painkillers or venom or CO2 or any other performance-enhancing or pain killing drug and human athletes taking drugs is that humans are supposed to be able to read a label and volunteer to take them- horse have no idea or choice. And of course cannot communicate an minor injury, so it is up to the human trainer, vet, and jockey to watch out for the animal getting too injuried, sore, or tired as to be in a physically compromising position.
I have seen reliable estimate sampling that shows about 25% of TBred racers leave racing each year due to injuy, and about 50% go out of training sometime during a year due to injury.
The more an animal is pushed by overwork, drugs, or any other reason to perform while at risk to less starts per year, the smaller the field size, the smaller the betting pools, and the less choice and selection in breeding for future runners.
If in the opinion of some connections the immediate share of a purse is worth the risk, they take their chances of getting caught.
IMO is is obvious by trainers pushing to keep horses in training, squeezing in as many races for non-stakes runners as possible, and the number of bugs winning riding titles, that the 2 things trainers understand and reach for is money and weight off. Punishments for performance-enhancing or totally banned drugs that cost trainers/owners significant money (penalty of an amount equal to the winner's share regardless of finish position) or 1/2 of stalls allotment for the next meet (free stabling) and adding weight to all horse on the roster (2lbs. per violation) will deter cheating. Suspended and concurrent suspensions, subsitute trainers, and $300.000 drug fines have no effect.
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I know that researchers are working with tarantula venom right now to see why it works on certain pain receptors in the body. The problem is that the tarantula gets pretty angry when you try to take its venom. The scientists have to give it a little anesthetic and take the venom fast! I just saw a special on this on one of the discovery channels. 
