I admit that I was skeptical of playing this two player; too much information. It played ok, but I was right.
With two players, there needs to be more hidden information, without it being informationless. There is just not enough going on. On the one hand, you have slightly more control over how the horses move. On the other hand, who cares how the horses move if you're both bidding on the same horses?
I suggest that 3 of the chips get placed on the board, and one chip you secretly write down on which horse it is bet. That will add enough uncertainty to make for a slightly more challenging game. And/or perhaps use chips valued 0,1,2,3 instead of 0,1,1,2. Or any valued chips, so long as the number of bids you place adds up to 5.
As it is, Tal won the first round. Our bets were exactly identical in the second round, aside from our 0 bids which don't count. And she won the third round by a slight edge, even though I managed to dump the horse with her lone bid into last place before the game ended.
Gobi has designed an interesting abstract dice movement game.