What is the link to this "Wired" thing? The idea of a perfectly "efficient market" (i.e., where every horse's odds accurately reflect its chances) where all the value is squeezed out is a scary thing. If that were to happen we would be better off playing roulette or blackjack (lower takes). Can it happen? Some think it already is happening, without the help of computers, because all the people who used to throw around silly money at the track betting their lucky numbers and what-not are gone and what's left are sharpies like those who frequent this board ;). There's like a Darwinian natural selection going on that can't sustain itself. I.e., in order to survive in this game you have to be a good handicapper and bettor. If you're not, you won't survive (and you have to take up stamp collecting or lawn care as a hobby instead). So, the bad handicappers take their silly money with them, and the only ones that survive are good handicappers/bettors whose "good" betting creates a more and more efficient betting market, making it harder and harder to turn a profit for anybody even themselves. And now we have to contend with computers too?! Well, at least there's talk of legalizing slots at a track near me....