Most years, I only play in one or two of the Coast contests at most, so my comments are limited to the NHC and NHC qualifiers.
In a typical year, NHC qualifying contests generate more than 100,000 entries so, like most human activities, it would be literally impossible to list the wide variety of motivations people might have for entering. Thus, I feel pretty safe saying that ego gratification plays little to no role for some, is something of a factor for others, and in some cases is the only reason for participating.
Before noting some reasons which support the proposition that it makes sense to give contests a try, it seems worthwhile to examine two of imallin's understandable assumptions, since they seem to be widespread.
The first is the flip side of an argument which has been made here, that many of those who enter contests are "stabbers" who rely more on luck than skill. I'm referring, of course, to imallin's statement that if you enter a contest you'll be competing against "incredibly great horseplayers." As is so often the case, the reality is somewhere in between these extremes, and if you're anything like me or the many other horseplayers I've introduced to contests, the conclusion you'll reach after you try a few is that your skills match up very well against the overwhelming majority of competitors.
Whether that turns out to be the case or not, I feel certain that one other thing you'll find, even if you only play in two or three contests a year, is that your cash game will improve significantly.
Imallin's second assumption is that if you enter contests, you'll be forced to play tracks you know nothing about. Not so, if you do a little homework, as the tracks which will be part of the contest are typically identified well in advance, and there are enough contests in enough areas of the country that you should be able to find more than one which will be using the tracks that you do follow. Also, as I've mentioned before, there is a wide enough variety of formats that you should be able to find one or more contests which suit your handicapping strengths.
If I was limited to just one reason for giving contests a try, it would be that you might end up agreeing with my view that they are much more fun than betting races alone, which is something I also very much enjoy. However, I'm not limited to one reason, so below are some off the top of my head differences between betting and contests:
(1) It is obviously true, as has been suggested, that betting is also a form of competition, but compared to contests, the competition is very diluted. Competition in contests is much more direct and intense.
(2) While everyone faces some strategy decisions when betting, they pale in comparison to the kind of strategy decisions you have to make in most contests.
(3) There's no doubt that it's also possible to make big scores betting, but I think the chances of making such a score on a small bankroll increase dramatically in contests. Let's use the new Mth contest as an example, since it started this thread. Assuming 50% of the prize pool goes to the winner, the $600 it costs to enter gives you an opportunity to win $50k on the spot plus a chance to win $500k in the NHC. It's theoretically possible to win the same amount with a small pk6 ticket, but in my view the chances of doing so are much less than half of the chances of accomplishing the same feat in a contest.
(4) Entering contests is the only way to get a spot in the NHC, which as anybody who's been there will tell you, is both a blast and the "Super Bowl" of handicapping. I have yet to meet the horseplayer who made it and didn't have a strong desire to return.
(5) The highest honor in horseracing is the Eclipse Award, and the only way a handicapper can achieve it is by winning the NHC.
(6) No doubt everyone has a circle of friends at the OTB, but for the most part, I am absolutely convinced that the camaraderie and friendships among contest players is much stronger. In fact, I feel reasonably confident saying that the social aspects of contests is the biggest motivating factor for the largest group of people.
(7) Last, and probably least since it takes time and is not always an option for those with demanding jobs or families, contests can give you the opportunity to see some parts of this great country and continent of ours that you might not otherwise see. Before I got involved with contests, my visits to the so-called fly over states were few and far between and never voluntary. I've since learned that the loss all those years was mine, as there are some great people, places, and experiences out there for those who are willing to take the time to look.
