I wagered on the pool table and gambled on horses. There are about five major "ifs" betting the horses. The first if is if you handicapped the race correctly. The second if is if the trainer is turning the horse loose in this race or is it just a tune up for another race. The third if is if this is a cheaper race, have the jockeys chopped it up? The fourth if is if the horse is feeling like running today. The fifth if is if he will break the gates cleanly and get a clean run around the course.
About forty more "ifs" could be added to these. I knew trainers and jockeys by the dozen that were hardcore gamblers and every one that was deeply into betting on the horses didn't have a pot to pee in or a lid to cover it up with. If the people living on the track and working with the horses every day can't reliably get it right I figured my odds weren't the best. I did do pretty good betting the dogmeat races however. With a little luck involved I quit betting the horses when I was ahead, something very few can say.
Here is the picture from my running horse owner's license when I was a conservative businessman and pillar of the community back in the mid-eighties.