Novice bettors in horse racing betting often fall prey to common mistakes like solely relying on horse names or jockeys without considering past performances, chasing losses, or overestimating long-shot odds. Identifying value bets entails assessing odds relative to a horse's true probability of winning, often by analyzing form, class, and track conditions. Accounting for external factors like weather or race schedule changes involves monitoring weather forecasts, understanding how conditions affect horse performance, and adapting strategies accordingly.