Chris Larmey gives insight into ‘Betting on Horse$’
by Dean Towers
Chris Larmey, a National Handicapping Hall of Famer and host ofthe Bet with The Best podcast, recently published a new book called Betting on Horse$.
HRU contacted Larmey to ask him some questions about why he wrote the book, along with what insights he believes can help both those who play our sport and the insiders and track executives who run it.
Congratulations on the new book. What was the impetus for you to write such a comprehensive examination of the sport we all love?
“Years ago, when I first got started in the game, there were a number of outstanding books for horseplayers. Titles like Picking Winners by Andrew Beyer, Exotic Betting by Steve Crist, Money Secrets at the Racetrack by Barry Meadow, and Kinky Handicapping by Mark Cramer. Those books were literary gold and played a major role in educating and developing serious players.
“But it has been a long time since we’ve seen anything comparable. Mike Maloney’s excellent Betting with an Edge, published in 2017, was probably the last comprehensive work of that kind. Matt Miller’s A Bettor Way of Thinking is another strong recent contribution, but it focuses primarily on contest play rather than the full scope of horseplaying.
“So, I wanted to help fill that gap. (And as a side note, all of those authors are featured prominently in Betting on Horse$.)
“At the same time, the game itself has changed dramatically over the past 20 years, and that pace of change is accelerating. Advances in technology, increasingly complex wager types, shifts in the betting product, and the rise of Computer Assisted Wagering (CAW) teams have fundamentally altered the landscape.
“I wrote this book to help players understand and adapt to those changes so they can survive, and potentially thrive, in today’s highly competitive environment.
“More broadly, I believe the betting skill set required to succeed as a modern horseplayer is still underappreciated by both players and the industry. There’s a real opportunity for improvement with better education and guidance.
“Finally, many critical aspects of the game, including race selection, price discovery, bet sizing, bankroll management, horseplayer psychology, and reviewing performance, are rarely discussed in depth, even though they are more important than ever. This book is intended to address those gaps as well.”
Who are some of the people you interviewed for the book?
“The book features all of the authors I mentioned, along with a wide range of accomplished players. That includes legendary figures like Len Friedman, who played a pivotal role in the evolution of The Sheets developed by Len Ragozin, and Maury Wolff.
“It also includes current professional players such as Mike Maloney, Paul Matties, Sean Boarman, and Jonathan Stettin, as well as a younger generation of data-driven players like Marshall Gramm, Dennis Montoro, Keith Bush, and David Aragona.”
You focus a lot on the betting aspect of the game. Will this book help those of us who may struggle with ticket construction, managing bankrolls, and some of the tougher mental aspects of the game?
“Absolutely. These topics are central to the book.
“Many players recognize that their handicapping skills are stronger than their wagering skills, and that gap can significantly impact their results. That realization was one of the driving forces behind my Bet with The Best podcast and is a major reason betting is such a core focus of the book.
“A key theme is helping players develop what I call a ‘gambler’s mindset,’ continually identifying and exploiting edges. I go into detail on topics such as selecting the right pools, sizing bets appropriately, and constructing efficient tickets that reflect your opinion while maximizing long-term returns.
“The book covers all major wager types, including vertical bets (win, exacta, trifecta, superfecta) and horizontal bets (double, Pick-3, Pick-4, Pick-5, and Pick-8). These sections are filled with insights from proven professionals, and I believe most players will come away with new ways of thinking about how they wager.
“I also spend significant time on areas that are often overlooked: risk and bankroll management, horseplayer psychology, and reviewing performance. These may not be as flashy as handicapping, but they are just as critical for long-term success.
“Additionally, I devote several sections to contest play, both mythical and live-money formats. Events like the National Horseplayers Championship (NHC) and the Breeders’ Cup Betting Challenge (BCBC) are among the few areas of the sport that continue to grow and remain less dominated by CAW teams. The book outlines contest formats, winning strategies used by past champions, and how players can identify formats that suit their style.”
Computer Assisted Wagering is a relatively new topic. Those who play harness racing (and some of those who run it) struggle with understanding these bulk bettors. Late odds drops, as I am sure you’re aware, plague the sport of harness racing especially because of smaller pools. Did you look into this topic at all?
“Yes. This is one of the most important topics in the book.
“CAW teams represent perhaps the most significant recent change in the game. I devote a substantial section to explaining what these teams are, how their models work, and how they operate within the pari-mutuel system.
“More importantly, I focus on how they’ve changed the betting landscape and what that means for everyday players. I also introduce what I call a ‘Horseplayer vs. CAW Teams Map,’ which outlines practical strategies for competing in this new environment.”
Do you think industry executives would benefit from reading your book? What are some takeaways you think would help them understand the betting market and their customers better?
“Absolutely. Understanding your core customer is essential, and that starts with understanding how horseplayers think and the challenges they face.
“The section on computer wagering, in particular, provides an historical perspective on how pricing in pari-mutuel wagering has evolved and how we arrived at the current environment. One that many would argue is increasingly dominated by a small number of large CAW teams.
“I also outline potential changes that could help level the playing field and improve the experience for retail players. If meaningful action isn’t taken, particularly around managing CAW participation and reducing the cost of wagering, there’s a real risk that players will continue to leave for more attractive alternatives.
“Without change, the ecosystem risks evolving into one where computers are primarily betting against other computers, which is not a sustainable model for long-term growth.”
Where can we purchase your book?
“Thank you, Dean, for everything you do for players, for your contributions to the book, and for the opportunity to discuss Betting on Horse$.
“If you’re a horseplayer, whether novice or experienced, and you’re looking for ways to improve your game, this book was written for you.
“You can learn more and purchase Betting on Horse$ at an early-bird discounted price here: https://betwiththebestmedia.com/.
“I hope you enjoy the book, and that you’re inspired to think differently about the game.”
