ESSAY: Is horseracing a good sport to wager on?
There are several answers the to question based on how you ask the question:
Can you make money betting to 'win' on horses?
Answer: No. The nearly 20% vig is huge to overcome. Several mathematical tests have been done using only information found on the daily racing form. At best you can recover 18% of the 20%, leaving you breaking even in the most ideal situation.
Can you make money betting to 'place' on horses?
Answer: Yes. Depending on how sophisticated you set up your model. The reason for this is because the distribution of wagers on place bets does not parallel the win bets as closely as you would imagine. There are some horses that are overbet and underbet to place. There are some systems that profitably take advantage of these opportunities.
Can you make money betting to 'show' on horses?
Answer: Generally No. There is too much money being bet blindly on show wagers by timid handicappers.
Can you make money betting 'exactas'?
Answer: Yes. This is a mathematical challenge, however, not a handicapping challenge. At best you can make 5% ROI on your exacta wagers over the long run. This is not much to brag about.