I just read my earlier post (with the figures) which showed Caulfield returning 79.95% of our cash and Flemington 82.7%. I wrongly said this confirms Duritz's view that we are more accurate punters at Flemington than Caulfield. Although this is the case over the last 10 years the last two years show Caulfield about 82% and Flemington 76.9%. So although I made a mistake in my original musings Duritz, on recent figures, is still right.
Interesting Flemington had a wild year in 2002 where it returned 103%. So if you'd bet a dollar on all 2858 horses that went around Flemington in 2002 you would have got about $2944 back. This year is exceptional (by about 9%) for Flemington. Did something happen that year at Flemington or are the figures biased by a few long price winners?

Regarding your (mild) digression to Moonee Valley on a Thursday night Duritz. Moonee Valley, 1 to 8 runners (all days of the week combined), returns 85.1% (which makes it about as easy to pick as the average heavy track).