Actually it is not broken at all. Its just that you have to beat a Galatic Record in order to win the race. This galatic record is not discussed in the game, nor do they show you what that time is. But here are the galatic records for each track. The strategy guide talks about this. There is the Galatic record which is lower then the 1st place record. YOu have to beat the galatic record.
Onderon: 37:60, 1st place is unknow but is will be higher then this. Prize Max 5000 Credit, but only if you have enough Persuade and talk to the right guy, other then that Max is 500 credits
Nar Shaddaa: 38:72, 1st place is 1:11:15 Prize 500 credits
Telos: 37:44, 1st place 39:77, Prize 500 Credits.
In my opnion, Swoop racing is not fun at all in this game. They have made it extremely hard you don't get very much for it.