Originally Posted by Magister Ludi

Racetrack betting markets are like any other financial market. The price of a horse reflects all of the hopes, fears, dreams, WAG's, SWAG's, careful analysis, and silly guesses of all of the bettors on that horse and is reflected in the horse's price. The more popular metrics are more thoroughly incorporated into that price and provide no overlay opportunity. You need to find out what everyone else is doing and go the opposite direction.