Can you really make money in this game ?

I think you can come out ahead. You have to beat the take-out rate (~20%), and be 'better' than about 60% the handicappers out there.

Playing several tracks and betting every race at those tracks is tough. Being selective is important. Make your plays when you feel confident.

Also, don't drink. Consistently beating 60% of the handicappers sounds like a minor challenge, but many of those people are showing up at the track/OTB early in the afternoon, and they start drinking early. This is a near daily event for many of these people, and they generally are addicted to gambling and playing impaired. They are not playing with 'smart' money.

Of course, it is tough to be selective if you only go out to play the horses occasionally. I'm at the track 5-6 days a week, and I play maybe 4-8 races a week - usually at a track I'm familiar with the jockeys, trainers, and track biases.

I work at a track though, so all the races sort of blend together and being selective is fairly easy in that scenario.