Hi Jose ,
It works just as well as anything else, if not better in most cases
It just depends on the day if TAB favs want to get up all day or not , if they fall over ,we win.
If one feels the pricing is too high , try running it with one point deducted off the final figure.

E.g. 3 wins fron 10=3/1 you could convert this by deducting one point off all final figures, in this case 2/1 ($3.00)
This will give you more winners but its a question of ,is there more profit to be made , I tend to feel there could be, if one follows the said rules of selecting the right races.

Picking the right races is half the secret to success.
E.g. Avoid races where the whole field has not had at least 2 career starts.
These type of races produce quite a number of outsiders with crazy form credentials.
If your 4-5 horses have all had 2+ career starts & none are resuming , there is a very strong chance of one of those mules getting up for you, at value prices.

Cheers.

I forgot to mention one very important rule that was left out of the original post.
The win to starts ratio , relates to GOOD tracks only.
E.g. A Mule may have had 2 career starts but only one start on a good track , thats OK.
So if a Mule had 3 wins on Good track out of 10 starts on a Good track its rating would be 3/1 ($4.00)

We do this regardless of what todays track condition is.
It finds a lot more winners doing it this way.
Remember , their rating is worked out on GOOD Track wins to GOOD Track starts only.

Cheers.

A retraction in thinking
 

To all those who had doubts about my method regarding not bothering about looking at form and just trying to work the odds, well , I'm starting to think you may be right. To a certain extent. As Ive said recently, since I started using betfair all Ive done for aus racing is take the prepost market , use a spreadsheet to convert it into a 90% market and then bet when I get the price I want. Well, I am still making a small profit but have come to the conclusion that had I had a reasonble idea about the true chances of a horse I may have been able to increase that profit some what. I have sometimes got on too early and then seen the price go out to something I would say is ridiculous and then see them quickly snapped up again and back to a normal expectation.

Dr Ron.
When working out your market and making an offer on BF, why don't you put in ridiculous odds that you want. (You say you can accept $5, why not put in $10). As the race draws nearer, lower them until you get to the minimum of your 90% market.

You would be surprised at the value you can get by having your offer on the table.
I have seen in 2 consecutive days, a $2000 bet on a horse at $1.6. The horse started at about 20 to 1. (Obviously not good for the punter, but imagine the party the layer had after that...).. And a $2000 bet at $1.10 on a horse that started at 50 to 1.

You won't get them all matched but I can guarantee you that some of them will be matched and your 90% market is suddenly 85%.

Thanks for the suggestion BJ, I do that sometimes already however I can get a bit impatient waiting for acceptance so I end up lowering them a bit early in some cases.

Hey thanks for that Bhagwan.
I shall have a lash at it tomorrow with mininal stakes and see how it goes.