Nov. 7 (Bloomberg) -- Horse racing’s Breeders’ Cup attracts professional gamblers who look for large pools of money so their big wagers won’t dilute the odds, handicapper and former currency trader Cary Fotias said.

More than $155.7 million was wagered last year on the two days of Breeders’ Cup horse racing at Santa Anita Park in Arcadia, California, more than 10 times the $12 million in wagers on a Saturday or Sunday at a New York or California track, Fotias said.

The total handle for the races that culminate with the $5 million Classic at 6:45 p.m. New York time today, North America’s richest thoroughbred horse race, probably will be flat to a little less than last year when 14 races over two days were held, said Johnny Avello, executive director of race and sports operations at Wynn Resorts Ltd. in Las Vegas.

The size of the betting pools will still give someone willing to place a large wager a chance to make big money, he said.

Fotias, founder of thoroughbred racing research Web site Equiform.com, and a former currency trader with Merrill Lynch & Co. and Australia and New Zealand Banking Group from 1984 to 1992, said professional bettors can earn big payoffs at the Breeders’ Cup.

“Wall Street has had its liquidity problems; as professional players we face our own liquidity problems,” Fotias said in a telephone interview from his New York office. “With a big event day like the Breeders’ Cup, so much money is in the pool that I can bet $5,000 on a 20-1 shot and not affect the price.”

That’s different from a typical day of racing and betting at even large tracks in the U.S., when a substantial wager can knock down a 20-1 bet to 12-1.

In parimutuel betting, the money bet on the horse is shared by the people who have won. If the betting pool is small, a substantial influx of money will lower the odds on the horse, giving a lower return on investment.

Looking for Value

“Racing is just another market where investors are looking for a value to make money,” said the 56-year-old Fotias, who wrote “Blinkers Off,” a book about handicapping thoroughbred horse races. “But whereas a million guys make millions in the stock market, only a handful make a million in horse racing.”

The unfortunate aspect of this year’s Breeders’ Cup series, in which the horsemen are vying for a share of $25.5 million in purses, is that some of the world’s best horses aren’t competing because the races are being held for the second straight year on the synthetic track at Santa Anita.

Rachel Alexandra, the 3-year-old who was the first filly to win the Preakness Stakes in 85 years, was given a vacation from racing after her owner, Jess Jackson, refused to run her on the synthetic track.

“Everyone wanted to see a showdown between Rachel Alexandra and Zenyatta,” Fotias said.

Undefeated Zenyatta

Zenyatta, a five-year-old who is seeking her 14th straight victory, will challenge the males to become the first mare to win the Classic. A victory for the horse, owned by Jerry Moss and installed as the morning line 5-2 favorite, will put the undefeated Zenyatta in contention with Rachel Alexandra for Horse of the Year honors.

Jackson made his decision on Rachel Alexandra after watching Curlin, his two-time Horse of the Year, finish fourth last year in the Classic run on the synthetic track. It was the worst finish ever for the stallion, who earned more than $10.5 million to become North America’s richest race horse.

Among the contenders in this year’s Classic are Kentucky Derby winner Mine That Bird, Belmont Stakes victor Summer Bird and European favorite Rip Van Winkle.

“The Breeders’ Cup wants to be the best of all horses,” Avello said. “There are some defections; some horses won’t run on that surface. We’ll get 85 percent of the best.”

To contact the reporter on this story: Nancy Kercheval in Washington at nkercheval@bloomberg.net.

Last Updated: November 7, 2009 00:01 EST