The way you make money handicapping and betting on horse races is in finding a good bet.
For some people, horse racing handicapping is an intellectual sport and they prepare themselves and work hard at it. The thrill of winning is probably pretty close to the same for each group, though the handicappers also have the satisfaction of working hard and getting rewarded for it.
Your chances of success are much greater if you educate yourself, prepare, practice, and work hard, but there are no guarantees. That edge is what separates gamblers from handicappers and is why, in the long run, handicappers win more, but in all fairness, they don’t just win it, they earn it.
There are thousands of people trying to make a living from horse racing by handicapping the horse races and then betting on horse races. The ones who depend upon luck or some other esoteric method are more like lottery players than handicappers, but the thing they all have in common is that all there money goes into the same pool and some from each group will be successful while many will not.
The big advantage that the handicapper has over the gambler is that he or she has an idea of each horse’s chances of winning and therefore, how much a horse has to pay to win in order to make money on such bets in the long run. There are many more people, perhaps millions around the world, trying to make money betting on horse races depending upon luck or some other system to be a winner.
On the other hand, the ones who depend upon luck invest nothing but money and very little time. The only work they do is to walk into the club house and maybe read a simple list of horses and riders. If the success rate for handicappers is 5-10% then it is probably 1-2% for those depending upon luck.