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20 Race Cycles
Due to the variance in horse race betting, you are best off using a sample size of at least 50 races to analyze your betting proficiency at a statistically significant level. 20 races is too small to provide reliable results. The math don't lie.
As an aside, if you spend any time trying to create a betting odds line, the implied probabilities must add up to one. Reason: there can only be 1 winner in a race (let's assume no dead heats for this discussion). Any other method of creating a betting odds line is statistically incorrect.
Richard
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