They are called "pinheads". I guess what that means is their brains will fit on the head of a pin.
The fact is that horseplayers, as a whole, don't weigh 110lbs, and have never ridden a thoroughbred racehorse while trying to judge pace, and jockey for position at the same time, while riding a flesh-and-blood animal that can be unpredictable.
Horseplayers love to blame jockeys for losing wagers, when they have no clue about what goes on out there.