MYTH

YOU CAN'T BEAT THE RACES.

A pervasive cultural value of the racetrack holds that you can't win. It's assumed that nobody does win, except occasionally, the big score that keeps them coming back.

It's true that most people lose at the races. But some people win, and they win consistently. They're excellent handicappers who have learned how to play a complicated game well.

MAXIM

Here are a few facts, and they are sobering:

Handicappers who can pick 30 percent winners at average odds of 5-2 have a 5 percent edge on the game. Not a big edge, but a positive edge nonetheless. Those handicappers can be winners.

Handicappers who can pick 33 percent winners at average odds of 5-2 have a 15 percent edge on the game. Now we're getting somewhere. The crowd picks 33 percent winners at average odds of 8-5 and loses 9 percent on the invested dollar. By picking the same percentage of winners at slightly higher odds on average you can be a winner. For each dollar you bet to win, the return should be $1.15. Not bad.

Handicappers who can pick 35 percent winners at average odds of 5-2 have a 22.5 percent edge on the game. This is an attainable goal for anyone who cares, and this is the goal to pursue from the outset. It's doable, and you can do it too.

And handicappers who can pick 40 percent winners at average odds of 5-2 have a 40 percent edge on the game. For every dollar wagered to win, that handicappers will receive $1.40. And that's a nice hobby and a nice profit indeed.

One word of caution. Though the racing game is eminently beatable, and steady profits entirely realistic, it's extremely difficult to beat this game for big money. Nobody makes millions, or even hundreds of thousands of dollars, and nobody should expect to. The game works best for most people when it's viewed as a hobby or avocation, and not a full-time endeavor.