The Late Ratings algorithm measures a horse's second call position in the field in his prior races, his speed at the second last call in those races, and how he finished (passing horses and how many). Late ratings are especially useful when it seems a race will favor closers and you want to know which closer will be coming home fastest. If a track is favoring closers, or if the pace setup of a given race will favor closes, using the Late Rating can help you identify a strong closer.