The OP writes repeatedly that the "odds of winning are related to the amount bet on each horse." This is not correct. The payout is related to the number of peo

The OP writes repeatedly that the "odds of winning are related to the amount bet on each horse." This is not correct. The payout is related to the number of people betting. The odds of winning are based on the horse's DNA, training, competitors, etc. The horse does not know who bet it on it while it's running. It's easy to confuse the word "odds" in gambling because that often refers to payout, but these are not the odds of winning.