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How to bet on horse racing and win! The first thing to understand is that in traditional horse racing betting, you are in direct competition with the 'bookie' - the person or company that lays the odds. They want your money, and you want theirs. Each bookie has an 'oddsmaker' - a person or system that creates their 'book'. In theory a book is structured so that the bookie can't lose - whoever wins the race, the odds are so structured as to guarantee a profit to the bookmaker.