I know plenty who do. I bet on the sport but also happily sit and watch a full days racing without a penny on if I haven't found a bet. It's actually such a great sport beyond the betting element, the trainers, jockeys, horses themselves. I think racing needs a Netflix type documentary to highlight the intricacies of it, its a properly fascinating global sport.
I also don't know any lads who don't bet on footy. Footy betting completely dwarfs horse betting every weekend. It's only the major festivals that can compete. I know racing and betting are intrinsically linked, however I think football betting is pretty much the norm for most lads once they hit the age of 18 which would be more concerning to me than betting on racing.