Saur,
As long as you don't bet your lifesavings you should do OK. But, remember, the 'smart' money will not be on 'Smarty'. The reason for that is most likely the odds on him will be so unfavorable that you'll be wagering $2.00 to win .10 cents. A lot of gamblers will see all that money in the pool and bet on another horse knowing that a 'bump' at the start, a thrown shoe, a 'clip', a 'block' and much more, will put him out of the race.
Mind you, I think he's going to win
But it's a statistical fact, that over a season at any track, 'favorite's do not win enough times to 'cover' their odds.
My strategy is:
1) A fast horse (Beyer Speed Ratings)
2) He wants to win (His position in the last three races improves)
3) At least 3:1 odds.
Smarty has a 'lock' on the first two but he'll never come close to the third
Good luck, and have fun.