betting the horses....

just got introduced to thoroughbred race track betting yesterday. i was introduced to it by a new acquantance (75 years old gentleman) who is really into it. from the brief experience of watching this guy and mirroring his bets i got to say we did extremely well. i know that just one foray to the race track is no measure of handicaping and advantage betting capability but this adventure definately interested me in this possible area advantage play.
i'm completely a novice with regards to betting the horses. i'd appreciate any direction that others may provide. i so far have just an inkling of matters such as track conditions, a horse's history such a speed at various tracks, jockey stats, other handicaper opinions. thats about it.

Too late!

About 15 or so years ago I could have helped you out a little, maybe. I spent quite a bit of time with the Daily Racing Form, calculating Andy Beyer speed ratings and such. But I've since forgotten just about all I thought I knew about it.

I think the horses at my track at that time were of such poor quality that they really couldn't be handicapped that well. (That's my story, and I'm sticking to it!) I actually seemed to do a little better with races simulcast from other tracks.

Anyway, I gave it up when I decided I couldn't reliably make money at it. Especially in the long run!

do you have any general pointers as to what needs to be considered with regards to making intelligent horse race bets?

Nope, sorry!

It's been too long, and I wasn't that good at it, anyway. My only suggestion would be to hit the local library for books on the subject.

I'll stick to what I do best

I go down to AC quite a bit and sometimes a friend who is a handicapper comes along. I have seen him win big and lose big. I do not pretend to have a clue as do how he does it, but I can't convince him, with his math skills, blackjack is a far better bet. Then again at both the Preakness and then the Breeders cup, it does nothing for me, Barbaro, still not out of the woods, and the poor girl that was put down at the Breeders Cup. OK, I admit I gave him 100.00 and got 750.00 back. Another thing is getting shut out before you can get in your bet. As the odds are changing and the whales and bridge jumpers geting their action, the last 2 minutes are a zoo.
In AC we use 8 deck shoes, count those after a breakfast of absolute bloody mary's with extra olives. Only the newest casino, the Borgata, is a 6 deck shoe. Funny thing is, I have never won a penny there, go figure. I'd rather be on the boardwalk anyday, then in the Marina. The only advantage to the Marina, the hotels are rarely booked, so even the novice gambler can earn comps, and very nice upgrades.

Short version. It won't make you a lot of money, but it will get some winners.
Look for an entry that ran well in its last race, finishing either "close" to the winner, or any finish if it was close to the leader at the "second call" (three to the left of the finish position at most distances). Close means within 2 lengths in a sprint (less than a mile) and 3 lengths in a longer race (mile or longer).

Is that all? Yes, that is all. Watch some races, ignore everything but the last race, and see how the entry does that finished closest to the winner (without winning) in its last race, or was close to the leader (in short, a serious contender in the race that might have been eased in the stretch).

If you like reading, find a copy of Andy Beyer's anything--My $50,000 Year at the Races, The Winning Horseplayer, Beyer On Speed, or Steve Davidowitz's Betting Thoroughbreds. None should take more than an hour to re-read, but are filled with gems and insights.
Good Luck