Although horse racing might not get the love it deserves when it comes to viewer count, the situation is completely different when it comes to betting. Horse racing and betting go together in a package and it is hard to imagine the sport without the ability to wager some money.
When it comes to horse racing betting, the truth is that most people are casually participating in the process without doing too much research, which usually results in losing bets. However, even though the outcome of most races heavily relies on luck, there are still some strategies you can use to minimize the risk.
Let’s go through some of the ways you can increase your winning chances in horse racing.
Understanding the Odds and Bet Types
The first and most important factor that can minimize your risk when betting on horse racing is understanding what you are getting yourself into. Understanding the odds in horse racing is the most fundamental thing every bettor should know, which is why it is the first step in minimizing the risk.
By understanding who has the best odds to win the 2022 Kentucky Derby, for example, you’ll be able to create a more thorough strategy that is themed to your budget.
When it comes to betting types, it is fair to mention that most people only focus on the “WIN” bet, which isn’t a good strategy since there are many other bets that can minimize the risk.
Another shocking factor that most beginners don’t know is that the favourite horse only wins around 33% of the time, which means that you are more likely to lose money in the long run.
Understanding which bets to place can minimize the risk and help you create a long-term profitable strategy.
Starting Prices vs Ante-Post
Professional bettors like to wager money on ante-post bets, hoping to get a better return on their investment. Ante-post bets are bets made usually before the markets are open, or in other words, way before the main event.
Some of the biggest horse races in the world like the Kentucky Derby have ante-post bets, but it is important to know that such bets are much riskier for a couple of reasons.
First of all, since ante-post bets are made weeks before the main event, there isn’t too much information about the participants and the favourites.
With that said, if you want to minimize your risk stick to standard horse racing betting when the official lineup is available.
Research is Crucial
Another great way to minimize your risk when betting on horse racing is to do enough research. Since there are many horse racing websites available online, and the data from previous races of the participants is somewhere available, it is a shame not to take advantage of doing some research.
Research can help you indicate possible outcomes in a horse race, and possibly improve your winning chances.
Many factors might impact the outcome of a race. This helps you narrow your research to a few smaller segments in a race.
Some of the most important things you should consider are the horse’s form, trainer strike rate, course, and distance. After you’ve analyzed all of these indicators, you should have a clearer idea of which horse has the best chance of winning the race.
If you want to dig deeper, you can research other elements like track conditions and surface, weather conditions, breed, jockey’s abilities, and more.
Research is the best way to minimize the risk when betting on horse racing and the more information you have the wiser betting decision you’ll make.
Choosing The Right Strategy
Horse Racing is a sport where even professional bettors cannot predict the outcome of a race. This is why they like to use strategies to help them stay on track with their long-term goals. Developing your strategy is very important for managing the risk you are willing to take.
Although you cannot predict every outcome of a race, your strategy will help you balance the process and end up profitable in the long run.
Horse racing betting strategy includes bankroll management, a limit on the amount of money placed per day/week/month, daily goals, and amount of money per bet (experts don’t go over 3% of their budget).
Getting the Most Out of the Odds
Many professional bettors would agree that horse racing betting is all about creating the best long-term strategy. The long-term strategy suggests that every dollar counts. This means that getting the best odds might not make a big difference now, but if you calculate how much money you would have made over a year, you’ll immediately start comparing odds.
Nowadays, it is fairly simple to get the best odds since most bookmakers have their websites. So, before placing a bet, make sure to check out a couple of different websites and make sure that you are getting the best odds on the market.