When you get right down to it, a podracer is an insanely ridiculous thing to try to drive. Anakin's description is pretty much accurate. Okay, so canonically they use incredibly strong steel cables, not leather straps, but tell me, which would you actually prefer were connecting you to a couple of jet engines?

Transcript

R2-D2: What's a pod anyway?
Qui-Gon: A giant seed case used for breeding clones.
Anakin: What? It's an open cockpit harnessed to a couple of jet engines by leather straps.
R2-D2: Awesome!
R2-D2: In either case!
Shmi: They're incredibly dangerous. There's no safety gear whatsoever.
R2-D2: More awesome!
R2-D2: In either case!
Jar Jar: Watto doesn't needs it. Hesa just flies away from da crashes.
Shmi: Unfortunately, yes. Other racers have died.
Anakin: Watto's pod has custom air-intake vents, handlebars for steering and throttle control, and wicked looking fins.
R2-D2: Oh yeah. I got a need for speed.
Qui-Gon: Hmm. Sounds like he has a good chance. Almost too good.
Obi-Wan: So we have a plan, then?
Qui-Gon: You know... I think I do.
Obi-Wan: Ah.
Obi-Wan: Can we go back to not having one?
Obi-Wan: Please?