Odds are what make horse racing what it is. If we were not able to wager on the outcome of the races we watch, would we bother to watch more than one or two before moving on to something else? Not likely. Odds are the name of the game, and those who bet on low priced favorites make it possible for individuals such as me to make a living betting on long shots. Odds are everything; they begin as the morning line, then morph into the patterns of the betting leading up to the race, then into the near post time odds, and finally they become the odds flashed after the simulcast wagers are added to the pool.
Most people have an inherent need to conform, to be consistent, in the many endeavors of their lives, and when it comes to betting on horse races, they are no different. It is natural. It is understandable. Yet it is the reason most people continue to wager on the three lowest priced horses in any given race even though they should know from experience they cannot make money over any extended period of time doing so.
The hundreds, if not thousands, of hours they spent handicapping races, the many years they spent honing their handicapping skills, forming them into a method of consistency, all the time they spend creating their horses-to-watch list, etc., in the end must be modified by the current reality of the odds on the tote board.
The herd mentality of people, often times referred to as mob mentality, sucks people into betting on horses with low odds because they do not want to appear to be an outcast, leaving those of us who have overcome our latent desires to be part of the “in” crowd to reap the rewards of such needs as we wager on horses with longer odds.