A punter can do the equivalent of fundamental and technical analysis when betting on a horse race. They do this to minimise risk, and maximise their probability of success (sound familiar!). If successful, this is a tax-free venture for the average weekend punter, and can be extremely lucrative. There is very sophisticated software available to help the punter hone their skills, and information can be obtained in the form of statistics, ratios, charts and more.
There are many similarities between how a sophisticated punter makes a selection, and how a stock trader makes a selection.
Why is shares trading taxed and horse racing isn't?