"Logistic regression or probit analyis are the proper ways to express the dependent variable (an S-shaped probability density function). However, you still have the problem of multicolinearity in most horse racing variables. Predictor variables are highly correlated (eg. back class and back speed, or speed and class). Multicolinearity violates the assumption of randomness in the error terms that is required by regression analysis. Thus, I am skeptical that regression analysis could work well using standard canned regression programs (e.g., SPSS). I do not know the multinominal logit methodology, but it likely solves this problem. The multicolinearity problem (plus other statistical issues) is why I am skeptical about a program such as Allways claim that it does multiple regression analysis"
Are they talking about bulding a rocket?
I usually just back the best horse in the race over the distance given the weight and fitness as long it's over the odds and it works well.
That other stuff is over my head and I went to University and did well in statistics and economics.