"The bookies must love form ........."

I think your contrarian approach could be right. I have long wondered why certain UK bookies' websites link to other websites that provide detailed form on horses, so as to provide their customers with a one-stop shop.

I would have thought they would want to provide the punter with as little informed opinion as possible before he gets his money down.

Maybe form is indeed something of a red herring.

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The Wagerer