This is a good point. But remember, when you are betting on horses, you are betting with odds - odds that ensure the house turns a profit in the end. Because of this (and any time you are betting against lines), you have -EV and are in fact gambling.
If every single horse paid out on the same odds (fair odds too - no juice for the house), then betting on horses would be a game of skill and absolutely could not be considered gambling, IMO.
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