Most horse betting errors result from false reasoning, when any reasoning at all by the player has been involved. The tendency to follow selectors, scratch-sheets, tipsters or touts in its simplest terms means that the player will ac cept anyone as an expert because he knows that he him self is not one. The tendency to back horses otherwise than to win only, is the result of a false conservatism that looks only to the bare winning of a bet rather than to what can be expected from winning some bets over a period and losing more. The tendency to wager in variant amounts results from the player’s thought that he can pick his spots and bet heavily when the particular animal is almost certain to win, lightly when there is considerable risk in the transaction. And here also the basic reasoning is infantile. If the player can pick sure things with pre cision and more or less constantly, he should confine his betting to such situations.