Prize money is the sharpest signal in racing markets. The bigger the pot, the better the horses — and the more efficiently the market prices them. High-value races attract sharp-money bookmakers, tighter spreads, and deeper form data, which means value is harder to hide. Watch for drifters in the top-prize races: late moves often reflect stable information. Equally, a well-backed runner in a £100k+ field carries far more conviction than the same move in a £5k maiden.