Winston,

Why did you omit the telling remainder of that example?



The percentage of runners is # of LTO winners/ Total # of runners.

That does not tell you what field sizes those 5,548 runners competed in.

The average field size for them could have been much less than 69,234/6,678 (~=10) or it could have been much greater.

If the average field size those 5,548 ran in was relatively small then their # of wins should be flattered. Along with the IV.

Yet you ask:



Of course it doesn't mean that. What were the field sizes for those 5,548 runners? Even just the average or total. You do not have any of that information in that formula.

You claim to be

yet you don't seem to realise what erratic effects field sizes could have on them.