Betting the handicap market in horse racing offers several advantages over wagering on the outright winner market. First, handicapping allows bettors to place wagers on horses that may not be the obvious favorites, often leading to higher odds and potentially greater payouts. This is especially beneficial in competitive fields where the top contenders have closely matched abilities. Additionally, the handicap system levels the playing field by assigning weight allowances, which can increase the chances of a less-favored horse performing well, creating opportunities for value betting.