Can a consistent long-term profit be acheived in horseracing markets?

[Bobby Fischer]

Originally Posted by Bobby Fischer

Belmont Race8 $29 to show on #6 Lovely Isle

win, return = $44.95(14.5*$3.10)
new bankroll =1093.20

Comments: $3.10 great value on the far superior animal paying 6-5 to win.
Adjusted the formula here: BANKROLL*VALUE*HIT%*.033.
Originally I was going to use *0.1 , however the goal of this is to show consistent longterm profit so it was reduced to a third.
I would have gone heavier here anyway, but I couldn't believe that everyone didn't put huge show money on the 6 after OFF. I was worried he would go off at 2.50 to show.