There have been some excellent books written about betting on horses using the odds on the toteboard to find horses who are under bet and therefore a good wager.  Like a lot of things in life, these systems look good on paper and always seem to work out in the bettors favor.  Also, like many things in life, however, if it looks too good to be true, it probably is.  It is very difficult to make a profit off the board and here’s why.

First of all, half or more of the money that will be bet on the horses in any race is not totaled and the odds are not adjusted until after the final bell rings and you can no longer bet on the races.  When you look at the odds on the board at post time you are seeing the result of less than half the money that has been wagered on the race.  In other words, you’re getting less than half the story.

Now I’m not saying it’s impossible to profit from those figures you see, but I am saying it is very difficult and you’d better spend some time learning an important and extremely difficult skill.  I’m talking about being able to look at the odds and determine how they will shift after that bell.  Why do people bet off the board, though?  Because most of them don’t want to try to handicap off the program or can’t do it.

But the ability to prognosticate and come close to the odds that will result from the final tally are the only way to predict how they might shift.  One of the best ways to make money betting on horses is to handicap the program and set your own morning line odds on the horses, but rather than trying to predict what the odds will be at post time, try to determine fair value for each runner based on its ability.

Once you have a set figure for what a horse is really worth as a bet, then you’re next move is to with the board and see if you can find one that the crowd has underestimated, but of course, you won’t be getting the whole picture because only a portion of the money that will eventually be wagered on the race is revealed.  Now comes the tricky part that takes practice and skill, you must forecast how the odds will change after the bell.  You may develop that skill with practice, but trust me, you will have to work hard at it and that means there will be no easy money.

While there may be handicappers who can watch the tote board and squeeze a profit from it, they are few and far between and they work very hard for their money, just like anyone who makes a living from horse racing handicapping.