Horse betting is a fun, exciting way to entertain yourself while also maybe making some money. It can also be intimidating. Every horse racing season, people place bets on who they think will win a race.
Horse betting is a hobby that has been around for centuries. However, it can be complicated and even overwhelming. In this post, you will learn six beginner horse betting tips to increase your chances of winning your next bet.
1 Do your research
The first step to winning horse betting is to do your research before placing your bets. You need to know how the horse performs and if it has won at that distance before. Meticulously study any other details about its race record.
For example, if you are betting on a horse that has never raced at 2300 metres before and is racing this distance now, then it would be unwise to bet on them. A horse having no experience running that distance may not perform well, risking your chances of winning. It is essential to have prior knowledge of the horses' past performances so you can decide whether or not they have what it takes to win a particular race.
2 Study a horse's winning percentage
An excellent way to increase your winning percentage is by studying a horse's winning record at the particular track and distance you are betting.
For example, if a horse has won three out of four times at 1000 metres in his career, he should have an advantage over those who have never won or have only once at that distance.
Another way to improve your chances is by looking for long-term records when picking winners.
Horses with good records over long periods tend to do well when they come into their next race because they are more experienced than their opponents.
3 Don't ignore the favourite
It may seem an obvious tip, but one of the biggest mistakes novice horse bettors make is underestimating the importance of betting on a horse that is likely to win. When picking favourites, you can generally do better by putting more down on them than less.
A favourite is a horse that has been assigned the best chance of winning a particular race by oddsmakers and track handicappers. If you put money down on a favourite, your chances are pretty good.
4 Don't overbet
Overbetting is a common mistake many horse-betting newbies make. When you overbet, you're spending too much money on a race and not putting enough thought into it. If you're going to be serious about betting, you need to ensure your bets are calculated. You must have the right amount of money on each stake to succeed and not end up in debt.
As a rule, you should never bet more than one per cent of your bankroll on any one-horse race. If you have $2,000 in your account, don't risk more than $20 per race. This approach can help keep your losses low.
Set a budget for yourself and stick to it. Before every race, write down how much money you plan on betting, and do not go over that amount for any reason.
5 Have a strategy
To win more races, you need to have a strategy. This is true for all betting and gambling, whether playing poker or placing bets on horses. You can't just go into it without a plan. If you do that, the odds are against you.
When it comes to horse racing, the thing that makes it so exciting is that it is unpredictable - a horse can be injured, or a jockey might get sick and not be able to ride. That is why having a strategy is so important; it helps keep things in perspective and helps you have a backup plan when things start going wrong.
Every horseplayer has a unique strategy, but they all have one thing in common: they all have a strategy. If you don't have this, then you're probably going to lose your shirt pretty quickly. You can find many strategies online, such as the beaten favourite system, lay betting strategy, and dutching strategy. Think about what makes sense for you and your betting style, and go from there.
6 Choose the right wager
Before you place your bet, look at the odds and the pay-out. If a horse is favoured to win, the pay-out will likely be low compared to other racing horses.
Consider how much money you want to bet. If you have a small amount of money, then betting on a favourite isn't going to get you very far. However, if you are trying for big wins with higher stakes bets like straight wager (straight up win, for example), having more funds will help ensure success when placing large bets.
If you don't know much about horse racing but want to make some money, choose a horse with higher odds that might come in second or third place. Finally, if you're following an expert, consider how knowledgeable this person is when deciding what type of wager you should make based upon their level of knowledge.
Conclusion
The tips above can help you avoid risky situations with horse betting. Ensure you research the horses you are betting on and calculate your wager wisely. Once you understand the rules then it's time to start practicing. Find out what kind of bets have worked for others in the past and try them out yourself.