I cannot agree.

(1) If you add up results accross the market for any odds range you must lose due to the fact that the market is set at greater than 100%. So if the market is efficient you will lose at all odds ranges and lose a similar amount accross all odds ranges.

(2) The fact that favorites win less than 30% of the time does not mean the market is inefficient. For the market to be efficient favoites must win more than second favorites and second favorites must win more than third favorites. This is true.

When looking at averages accross a large number of races the market is efficient. However an average says nothing about an individual event. And this is why it is possible for some punters to make money even though the market is efficient.