'Betting by the Book' details the steps taken in, and results obtained from, an examination of the processes followed, especially in Australia, of those persons who bet on thoroughbred horseracing. The work briefly describes the evolution of the practice of this form of gambling and details the extent of the activity in the Australian nation. Note is made of the obvious limited amount of attention previously given to the topic by academia. Using illustrations of the extent of the complexity and resulting uncertainty of outcome in selecting winning horses the study finds that the consequential behaviour of almost all those who bet is the adoption of a co-ordinated process of selection commonly referred to as a system. As hypothesised the study found three major categories,viz., logical, naive and superstitious. Sub-types of the three categories, devised as a part of the study, are listed and defined. Unexpectedly the work brought to attention the finding that most bettors, even those following logical systems, will, at times, adopt superstitious practices. Examples are provided of logical, yet simple, selection systems that could be beneficially adopted by those persons who would otherwise follow naive and superstitious systems of selection. Finally the study notes the considerable opportunities that exist for the education of bettors. / Master of Arts (Hons) (Gambling Studies)