The concept sounds fine , but the only way to find out if the idea has any legs would be to research it over 150 races, then go from there.

I would be inclined to have a min. price that you will accept before placing a bet for a win , if it falls below that price E.G. $3.30 or $4.50 win ,you could then hit it for a place only or no bet for that race.

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Cheers.