https://www.hpb.com/products/the-wisdom-of-crowds-9780385721707 https://www.hpb.com/products/the-wisdom-of-crowds-9780385721... This is a good book that discus

https://www.hpb.com/products/the-wisdom-of-crowds-9780385721707 https://www.hpb.com/products/the-wisdom-of-crowds-9780385721... This is a good book that discusses how an individual may be wildly wrong, but in aggregate, groups are remarkably good at estimating many common things. Although with horse racing, the betting favorite only typically wins ~30% of the time or places (1st or 2nd) ~50% of the time. Given that this is with average field sizes of probably 6-8 horses, it is materially better than blindly betting.