Knowledge helps, if you're betting on horses: a guide for the non-bettor

New Mexico Business Journal, Sept, 1996

Of course, there'll always be those who bet on the beauty, of a name or the look of a horse, but knowledgeable bettors can spend hours studying racing forms before they're ready to place a bet.

The difference between wagering on horses and other forms of gambling is striking, indeed. For one thing there's no house to bet against in horse racing. The pari-mutuel handle (money wagered) less the takeout is returned to bettors as winnings. As one horse racing fan said, with horses the takeout is with the government; with casinos, the takeout is with the house.

Woody Schick, president and CEO of Santa Fe Racing at the Downs of Albuquerque, says that for every dollar wagered they pay back 80 percent. Paul Gordon, State Racing Commission budget director, says that on the average tracks will keep between 27 and 28 cents on every dollar. Gordon believes the odds on slots range between 15 to 25 cents on the dollar.

But of all forms of gambling, says Schick, the lottery is the worst because the state keeps 50 percent.

With horses, bettors study the past performance of the horses, who their favorite horse is running against in a particular race. They note the trainer, the jockey - their records and past performances. Then they look for track conditions. Is it fast, heavy or slow? Is it sloppy and muddy? This could slow their favorite horse down. Different horses run better under different conditions.

Knowing that a good horse has a bad trainer means that the horse may not perform that well. But a bad horse with a good trainer and jockey will do better.

Betting on the sport of kings may be an acquired taste, according to one bettor, since it does require a certain amount of knowledge in order to place an informed bet. But no matter how diligently the bettor studies and calculates, the odds remain stacked against him. Luck is always a major player.