Jacfin, I tested it roughly over the period of the results posted in this thread and despite several good winners it produced a substantial loss.

I don't want to 'crash' Crash's thread but if he so wishes I can do an analysis over whatever period he might care to nominate and post the results. Could even post a list in Excel of the actual bets which would give a basis for further refinement if so required.

The main reason why I haven't already tested it over a longer period was simply because a shorter period made it easier to manually isolate the races with three or more selections that needed to be eliminated. (was a bit pressed for time)

If a longer test period is desired then I should be able to do this elimination programatically in Excel or if preferred just leave all the 'raw' selections in the list.