I would say that mastery of the camera is less important than creativity. My wife is just learning about over- and under-exposure, but her photos are beautiful.
Pictures at bike events though – difficult. Everone’s trying it, and everyone’s producing basically the same pictures of you on your bike… My tips would be move around a lot, cover the whole course, and look for different angles. Get a long tele and snap stuff where people don’t see you snapping. Don’t try and make magazine cover photos.
Of course, I have never tried to make money doing this so my tips are probably not worth much 🙂