BEATEN FAVORITE LAST RACE

Fires when the beaten_favorite_last_race field is set (indicating the horse was the public choice last out) and the finish was off the board (5th or worse in a typical field). The betting public's confidence in a horse is based on available information, and when a strongly supported favorite fails to hit the board, it often signals something that was not visible in the public record — a physical issue, a difficult trip, or a genuine performance decline. Beaten favorites statistically underperform in their next start relative to their odds.