The favourite or shortest-pricedhorse in a race has in theory the best chance of winning. The reason the horse is the favourite is based on the previous form of all the horses in the race and the amount of money that has been bet on each horse. This percentage varies by individual race type – handicaps lower percentage of favourites win; maiden races higher percentage of favourites win –and by course and distance.

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Therefore, the biggest edge can often come from waiting things out and seeing what way the betting public’s wagers move a point spread as a game draws closer. Factors such as faulty “groupthink” can sometimes alter a team’s projected advantage to the extent it creates a tangible edge for a sharp bettor. For example, a moneyline wager on the favorite may carry odds of “-110”, meaning a bettor wins $100 for every $110 wagered.