Quote:
Originally Posted by nobeyerspls
I hold that the successful horseplayer has an aversion to gambling. He would never buy a lottery ticket, play a slot machine, or engage in any random-outcome game of chance.
As a parimutuel wagerer (my substitute term) I try to master the two elements that can get me to overcome the takeout: handicapping and money management. Said another way it's not just what you bet it's how you bet it. A great deal of discipline is involved including skipping more races than you bet.
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That summarizes it for me. The pari-mutuel aspect of thoroughbred wagering, and the skill involved in handicapping, are what separate horse racing from the types of negative-expectation, luck-based, true gambling games that you mentioned. Being able to judge the actual winning probability of horses and exotic wagers, and betting only when the odds/payoff will compensate you for the risk you're taking, are the keys.