This commentary message indicates that you have got an active range defined on the Range tab and that that the odds of the particular horse did not satisfy that check.

For example:

If you tick 1st Fav and set a range of 1.5 - 2.5, then the favourite must have odds between those specified values in order for the race to be considered. If the odds of the favourite were 3.0, then the race would not be considered for betting purposes.

If you specify more than one range, then ALL of the ranges must be satisfied in order for betting to be enabled.