Can bayesian theory be applied to horse racing?

Sure, in principle. In practice, I'd say maybe. I assume you're asking about making money betting on horses. The basic approach is to gather a lot of historical data and look for patterns that lead to profitable betting situations. read more

There are many ways to deal with this situation, some classical statistics, some machine learning, some Bayesian and some other. There are several ways to apply Bayesian theory. One is to go through the variables and specify prior beliefs about their relationships. read more

Bayes Theorem in Horse Racing – A Beginners Guide (from an article from) Michael Wilding September 30, 2013 Betting Knowledge 1,734 Views. We see discussed many different types of betting strategies and a systems, including on this blog. read more

Horse Racing is a very good model for using Bayes Theorem because it deals with degrees of belief. A purely systematic approach is far too rigid whilst frequency models are not a good fit either. Thomas Bayes came up with the formula P(H\E) which is simply the conditional probability of an hypothesis H given some evidence E. read more