Good points Mike. As you are finding out, Churchill Downs Group has frozen out most small ADWs (including AmWager, BetPTC, BetAmerica, IdaBet, etc) so AmWager players are now missing out on a lot of playable racing (Arlington, Canterbury, Churchill, Fairgrounds, Finger Lakes, Hoosier, Indiana, Oaklawn).
If you can manage $75,000 per year, there is another possibility with about the same rebates but with FULL track coverage.
In any case, betting without a rebate is indistinguishable from simply leaving money on the table, win or lose, without changing your betting or handicapping style ... (Of course, in the current 'wisdom' of states law and horse racing, many players are simply excluded from this level playing field by law
).
Ted