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Originally Posted by Overlay
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.
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That sums up my outlook on it.
