I keep reading in the replies to the posts in these forums that the "market" is efficient, accurately reflects the chances of runners, etc. And it can be used as a tool to assess the winning chances.

Personally I reckon this is another racing Myth. Less than 30% Favourites win for a start. Hardly an impressive figure.

Stats show that on level stakes we lose on all runners at any odds you wish to nominate. On this basis alone, I don't accept that it is an efficient market.

As posters rightly point out there is no logic in this game and the market myth is just one of too many to mention.