Pro : makes healthy horses (unless they get hurt)

Cons : gambling
horses occasionally get hurt

Its great because you can win a lot of money betting on horses. Plus, you can go, make a couple really small bets and still have a really good time. Its actually pretty exciting, especially when you can get close to the horses and watch them in action up close.

I supposed the biggest con is the question of the whether the horses are being treated fairly (forcing them to race, whipping them, etc). Plus betting on horses also comes with the same pitfalls as does all forms of gambling.