If you are just going for fun don't overbet. Avoid the total long shots, they are lousy horses for a reason. Also don't bet an overwelming favorite, there is no point in making .10c for every $2 you put down. Same thing if you are going to be betting for a horse to show(place third). Bet on horses that will pay you back a decent return and at least have a shot at winning. As for handicapping look for horses that have finished well in their last few races and have run recently like once a week for the past few weeks