Freowaytogo,
The Duck has put you on the right track with the link to Wizard Of Odds. The problem with all Casino games (apart from the boredom) is the fact that the house always pays less than the true odds (probability). Therefore you simply cannot win - long term. The longer stay at the table, the more time you give for the house percentage to grind away at your bank. Plonk down a couple of bets to be sociable and leave, win or lose.
The advantages of going to the track (apart from the excitement)are that you can get odds offered that are greater than the true probability of a horse winning. The odds offered by the TAB or bookies are simply votes expressed by the betting public in the form of cash. If the weight of opinion is wrong (which it is 2/3 of the time), then there's your opportunity. Take it!