KV
The whole point about playing our handicapping game (and a lot of the "game of life") is being forced to make decisions even when faced with incomplete or conflicting information. And a person that is better at determining those probabilities and expectations in the handicapping domain, especially with uncertain information, gets paid more money in the long haul.

Thus a person that wants to progress in the game of handicapping has to first become reasonably proficient in probability and statistics, and then move on to heuristics and biases and the study of a couple or three aspects of psychology. We're all peeling the handicapping onion so to speak!