Well if we go back to your casino example, what did the red & black boxes look like on that 9th red spin? Red box choka full of chips & the black basically friendless I am guessing.

If similar scenarios were to play out at the track/tab, we should expect to see favourites well over bet in later races, & in my experience we often do, but there is enough 'smart money' around to keep said favourite at a decent price - make hay while the sun shines & all that

So what I am saying is that no, in general losing runs do not have an effect on the SP of a fav.