In my commentary a few weeks ago, I painted a romantic picture of gamblers who while away their days at the racetrack, smoking Cuban cigars and splurging their winnings on the good life. A friend of mine who has spent a great deal more time at the racetrack than I, and who knows better, has asked for equal time. Fortunately he is a Harvard-trained lawyer with a good day job. Here is a smattering of his accumulated wisdom: Think hanging out at the racetrack is the ticket to a glamorous life? Better look at some numbers before you give up your day job, since the chances of striking it rich are slim to none, even if you're committed to doing whatever it takes. In fact, over the last two decades, winning has become more difficult than ever. Race track wagering is called pari-mutuel betting, and it's very different from the sort of gambling that goes on in casinos, where players try to beat the house. One bets against the house in games designed to put the player at a mathematical disadvantage. This means, simply, that one must be lucky to win. At the racetrack, however, wagering is against other gamblers, with the track serving as a mere stakeholder. For example, in a greyhound or horse race, $20,000 may be bet on trifectas (first three across the line in exact order) and the race track takes out a fixed percentage, say 25 percent, and then distributes the remaining funds to the holders of winning tickets. Thus if there are 100 winning tickets, a trifecta will pay $300, calculated as follows: $20,000 wagering pool, less $5,000 takeout = $15,000 net pool divided by 100 winning tickets = $150. Finding 'Value' In pari-mutuel wagering the opportunity exists to bet with the odds in
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