IS API an Easy(and accurate) way to check quality of a given race?

See below for Randwick tomorrow(R&S - Form Guide Stats)

Race 1
Sharp James H B Carr Stakes $100,000 1400m
3F API:9.82 12:25 pm

Race 7
Tabcorp Queen Elizabeth Stakes $500,000 2000m
API:120.1 4:15 pm


Thoughts, suggestions welcome!


Cheers LG

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