Horse racing is known as the sport of kings; however, that doesn't mean you can win a king's ransom every time you ante-up in the sports betting arena. While it's true that horse racing is one of the most bet on sports in the world, it's also true that it's tough to make money if you're not familiar with the set-up of the industry.
Although you don't have to be a diehard horse racing fan with an encyclopaedic knowledge of the runners and riders to make a profit, there are certain things you need to know if you want to ensure you win more than you lose.
Of course, as with all forms of gambling, nothing is ever guaranteed in the horse racing arena, but if you can understand the markets and follow a few simple techniques to improve your strategy, you can markedly improve your chances of winning.
The Basics of Horse Racing Betting
Naturally, the first thing you need to understand before you look into betting strategies is the types of wagers on offer in the online arena. When you ante-up on Betfair you'll find a host of betting options, some more exotic than others, but the main ones you should pay attention to include:
Win Bets: A win only bet means it is simply a wager on the horse you believe is going to win the race.
Place Bets: A Place bet means you are betting on a horse to run 1st, 2nd or 3rd. The odds for finishing 2nd or 3rd will be a fraction of the price for the horse to win.
Each Way Bet: An Each Way bet is very popular and means you are in fact making two separate bets: one for the win and one for a place (in the top three or four depending on the size of the race).
Tricasts: is a bet where you are attempting to predict which horses will run 1st, 2nd & 3rd.
Forecasts: A forecast is where you attempt to predict the horses that will run 1st & 2nd.
Horse Racing Betting Tips
Once you've mastered the basics of the online betting market and picked out the most suitable wagers for your style and bankroll, then it's time to ante-up and put your money where your mouth is. Naturally, knowing what bets are on offer is all well and good, but that doesn't mean you're ready to rumble.
To become a winner in the horse betting game you need to have a plan and that plan should involve the following principles:
Do Your Research: Before you go anywhere near the open markets, the first thing you should reach for is the latest horse racing publication. Whether it's a newspaper, a magazine or an online publication, you need to do as much research into the sport as possible. As well as historical data, such as who the best trainers are and which stables often produce the most winners, you should keep abreast of current events.
Which riders are hitting their peak? What stable is in form? Which horse is racking up the best times? Beyond these questions, you should also aim to answer the way each course is running on a particular day as well as which runners are in the field when you do your research. Basically, before you start betting on horse racing, make sure you get as much information as you can on all aspects of the sport.
Set Your Own Odds: Once you've built up a bank of knowledge, one of the best techniques you can use to develop an appreciation of the betting markets and how they work is by setting your own odds. Essentially, you should aim to become your own bookmaker and try to devise your own betting lines.
If you plan on employing this strategy, the first thing you need to do is pick a selection of horse races, do some research and then try to come up with your own betting lines. Once you've done this, compare the odds you came up with against the actual odds offered by the bookies. Going through this will enable you to know when a betting line is out of sync and worth taking. Moreover, as you go through this process more and more it will help you refine your predictions and, therefore, have a much better handle on the horse racing world.
Don't Blow Your Bankroll: Sticking to your limits is a key skill that every horse racing bettor must master. Never wager more than 5%-7% of your overall bankroll in a single session and make sure that each individual bet doesn't exceed 2-5% of your session bankroll. It doesn't matter how much money you have or how good the odds are, you should always stick to these limits otherwise you risk going broke.
Take a Risk: Although it's usually wise to bet on the favourites in a horse race, you shouldn't be afraid to take a risk every now and again. In reality, long shots are statistically unlikely to make you a profit; however, they do allow you to achieve a sizable return for a small outlay. If you're new to the horse racing world and have a limited bankroll then betting on outsiders can be a great way to give yourself a quick boost. Naturally, you need to do your research before you take a risk. Scour the news and check the daily markets to find the runners that appear to offer great value regardless of what the bookmakers think.
Overall, horse racing is one of the best ways to make money in the betting arena, but only if you have a strong plan. In this article we've outlined the basics of betting and given you a roadmap to formulating a solid strategy, but that doesn't mean you can take things for granted. To really be a success in the betting world you need to be able to roll with the punches and accept losses and wins in equal measure. If you can do that and you follow the strategy in this guide, you should find you win a lot more than you lose in the long run.