Any properly convened inquiry into the fair operation of totes would decry rebates.
The idea that rebates are 'paid' by Tabcorp shareholders is complete and utter.
The plundering of the pools by syndicates, effectively having free bets, is completely contrary to the concept of a pari-mutuel pool.
One thing that astounds me is that Tabcorp itself does not operate a syndicate to rort the pools.
The management and conduct of the Australian racing industry is dedicated to dealing unfairly with most punters.
The only real tote customers are treated as mugs best deprived of their total betting budget as quickly as possible.