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I think one of the big problems with horse racing is that many (most?) of the current crop of handicappers have spent years betting using essentially outdated, obsolete approachs that may have worked 20-30 years ago, but are now so well known that they are not profitable. It is not that horse racing cannot be profitable--it is that using the same approach everyone else is using cannot be profitable.
And because they have so much time and money "invested" in those outdated, obsolete approachs they seem to think that anyone who does anything different "doesn't deserve to win because they have not paid their dues." Apparently that means being a consistent loser for many years. The only thing that losing does is give one a lot of practice and experience at losing. Most rational people would say, "If you can't win, don't bet. If you want to bet, learn how to win. Unless you have really deep pockets and like to lose." Pretty simple stuff.
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