MYTH
PLAYING THE RACES IS GAMBLING

Gambling is guessing. The outcome of a gamble is based upon random order. Each event is as likely to occur as any other event, as in the lottery, craps, roulette, and slots. The odds are determined mathematically and are inevitably set to favor the house. Where probabilities are offered (favorable outcomes divided by total outcomes), the player's chances to win never exceed the risk. The longer the bettor plays, the more likely the bettor will lose.

MAXIM
PLAYING THE RACES IS PARI-MUTUEL BETTING

The odds are determined subjectively, according to the bettors opinions as to which horses should win. The bettors are playing against the crowd and not the house (track), which shares in a commission with the state and the horsemen before losing bets are returned to the winners. Not only do the fastest and best horses usually win, but also the lower the odds the more frequently horses will win, which is not random order.

Playing the horses successfully depends upon the player understanding the percentages and probabilities that certain horses will win. When bettors at the track think the majority of bettors have been wrong about their favorites, those bettors may have a positive edge. That's the time to bet. If those bets prove to be positive often enough, those bettors can be winners. The more a positive edge is bet, the more profit the bettors will accumulate.