Betting Exchanges
Another radical approach is to make money out of losing horses! How? Use the new Betting exchanges on the internet, such as Betfair. All bets on Betfair are placed by punters who want to bet normally (back) or by offering odds to other punters (lay). The bets are matched between punters with opposite views.
There are no bookmakers profit margins involved and by offering odds you can profit from losing runners. Betfair offer markets in a wide variety of sports, politics and financial. (Link- to Betfair)