I understand horse racing. My fraternity at Syracuse University (Tau Epsilon Phi) was into the horses and we went regularly to Vernon Downs and we made the trek to the Belmont Stakes in 1971 to see Canonero fail to win the Triple Crown.
Canonero was supposed to win the Triple Crown because it had won the Derby and Preakness.
Being "smart" college students, we didn't bet our money on Canonero to win. No, we played it safe and bet Canonero to show (3rd) where, if I recall, there was more bang for the buck in the prize pool.
But no, Canonero didn't finish for win, place or show. So early on I learned favorites are favorites only until the race starts.
So do we get excited over American Pharoah?