For example, I know that if your horse racing system is to bet on only the favourites you are doomed to lose.

Why is this?

Very simple, statistics.

Real world, hard core, uncaring statistics that will take food out of your mouth, not to mention also kick you when you are down.

If you are going to earn an income betting horses you need to place value bets.

What is a value bet?

Value betting is where you can find a situation where your betting odds are greater than the actual odds of the outcome.

For example: if you could always identify horses that win 1 out of 3 races, but always pay 3 to 1 or better, then over the long run you will make money.

The key here is over the long run.

Think about this, if you had a horse racing system that could determine the actual odds of a horse winning, given various conditions, then all you have to do is show discipline and only bet when the betting odds are greater than the actual odds of winning.

Sounds simple, but you need a reliable system. You also need discipline and an adequate bank roll, or stake, to live through those times when the statistics are kicking you in the teeth.

My vacation in the Land of Smiles is over and I am heading back to cold, wintery Toronto.

Right now I am in Hong Kong and should be home in about 14 hours, more than enough time to ponder my next move.