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Since when do we automatically assume that whales win? Las Vegas loves Whales, because they lose. I realize that some people assume that there are whales who pound favorites and then get rebates but the rebates for win bets aren't that good. And the computer generated betting syndicates are betting exotics, aren't they?
Delta mentioned that the whales may have inside information, but you can't rely in inside information. Sure, there are so-called "hot" horses that are tipped and win but inside information is generally bad information. I personally know someone who lost a tremendous amount of money paying off jockeys and trainers for inside info in New York.
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