By looking at the AAP Market price you have

1st - 29%
2nd - 24%
3rd - 16%

The best strike rate for 2nd and 3rd raters

With some rough calculations I get the following

If you 1st rater wins 29% of the time you breakeven
If the 2nd and 3rd rater wins you get 40%
Anything else is a loser

To make anysort of profit on this system you would need to define your market percentages at 36.22% or less for the 2nd and 3rd.

I hope my calculations are correct on the attachment.

Regards

Attached Files

Market Percentages 8 Field horses.xlsx (14.4 KB, 516 views)