The "public" generally does not know what odds should be backed about selections.

The "public" does not adequately distinguish between true and false favourites, nor does the "public" know when a true favourite is under or over the odds.

The "public" consistently loses when horses at double figure odds win races.

A good ratings or tipping service can alert people to when some of these horses are value - that is well over their true winning odds.

You can compare the "public" plunging into many horses and betting them well under their true winning odds with the "public" plunging into internet stocks at the top of the internet bubble.

Put simply, the "public" are losers.

Cheers,
Neil.