"Let me say this about gambling. Many people think that their job is to pick winners, and this is a fallacy."

These words come from heavy volume horseplayer and horse owner Dana Parham. One of the biggest bettors in North America, Parham founded the large-scale racing and breeding operation Odds On Racing with trainer Robin Schadt a decade ago and gave viewers some insight into his wagering strategy.

"You must find advantages first, the winners always follow...and that's not just with horse racing, that's with anything. Stocks, commodities, baseball, football, anything you want to discuss."

Parham and Sam McKee discussed an overview of how Parham looks for value in his wagering system, which employees over 20 people.

"What we do, without giving away the whole secret, if we figure a horse should pay 7-1 and he's currently paying 9-1, how much money does it take to bring him down to 7-1? If it takes $50, that's the wager. If it takes $500,000, that's the wager."

When McKee asked about which of the breeds Parham bets most, the answer was quick and with reason.

"All wagering works better with thoroughbreds in the fact that the thoroughbreds make the game more complicated," said Parham. "They race at multiple distances, they’re always carrying different weights and they’re always racing on different surfaces where harness racing is one mile on the dirt. So you have much more variable in thoroughbreds which makes it much more confusing to the general public and the more confusing it is the more opportunity there is."

McKee asked Parham for three ways harness racing could improve. Parham went one better and gave four. His answers are in the second part of the interview.

(video courtesy The Meadowlands)