Always watch a boxing match with the sound turned down so that you can make your own assessment of what is going on in front of you. It is too easy to be influenced by commentators. After adopting this tactic for a number of fights you will become as good a judge as any pundit.
When paddock watching before a race pay as much attention to the body language of the humans on display as the equines – trainers, jockeys and even stable lads/lasses can betray when they are really keen on a beast’s chances or, just as important, when they are not, via speech, gestures, appearance, etc. Poker players are forever looking to spot giveaway ‘tells’ from the others around the table, but I am unaware of anyone ever suggesting taking this well-proven technique to the racecourse.
Come up with something you know about but the bookies don’t, and then approach them to ask for odds. They won’t be able to resist the challenge and could quite easily quote you over the odds – remember the Hole in One Gang, who won fortunes by the simple expedient of going into betting shops and asking for odds about holes in one happening at golf tournaments.