Maybe start by handicapping the handicappers/punters, which will verify this earlier statement "Which possibly means it is ripe for analysis"
There are other wagering opportunities that show akin to the Pareto principle, where less then 20% of the people win more then 80% of the available wagered money and where a large portion of that 80% of the money is wagered thru "quick picks" and returns less then 10% of the available wagered money, now that is ripe fruit for the picking.