Yes, that is quite possible. The most common way to make a living gambling on horse racing is by being a bookie. There are plenty of horse racing bookies who make a decent income taking racing bets. There are not that many that make a living just on horse racing as punters though.

Better, bettor, punter, gambler- someone who bets.

bettor – someone who bets. wagerer, better, punter. taker – one who takes a bet or wager.

bettor

An over–under or over/under (O/U) bet is a wager in which a sportsbook will predict a number for a statistic in a given game (usually the combined score of the two teams), and bettors wager that the actual number in the game will be either higher or lower than that number.

Betting “against the spread” (ATS) just means you’re betting on the point spread in a particular matchup as opposed to the moneyline, or some other type of wager. Bettors often use a team’s ATS record to gauge its performance against the spread.

The Point Spread: When betting on basketball, the team you bet on must “cover the spread.” This means the team must win or not lose by a predetermined margin of points. Example: Bet No. Note: The bottom team is always listed as the home team unless otherwise noted.

This means for every $100 you bet, you win $200.

For every 13, odds are that 12 will be a particular event and 1 will be another event. There is a 92.31 percent probability of a particular outcome and 7.69 percent probability of another outcome. If you bet 1 on a game with 12 to 1 odds and you win, your total payout will be 13.00 which is your bet plus 12.00 profit.

Odds conversion

This means that out of 31 possible outcomes, odds are that there will be 30 of one kind of outcome and 1 of another kind of outcome. For every 31, odds are that 30 will be a particular event and 1 will be another event.