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"If there's one thing you can bet on in horseracing, it's this: so-called successful bettors will always think that their little black books hold superior 'inside' knowledge that makes them experts. However, in the long run, the majority of horseracing punters will lose money at the track \u2013 and there will always be more losers than winners. Serious punters will often keep track of how well they are doing, in the fond hope of identifying a 'winning system.' So says Matthew Browne of CQ University in Australia, whose research group found that the amount of wins required to show that one is doing better than chance is extremely high. The results are published in Springer's Journal of Gambling Studies."^^<http://www.w3.org/2001/XMLSchema#string>
<http://medicalxpress.com/news/2014-01-youre-expert-bettor-wrong.html>