So, you want to get a piece of the horse race winnings but don’t know where to start? – Don’t worry, nobody is born an expert, and most of the people who are professionals improved their skills through trial and error.
Most people don’t know that horse racing is the third most popular sport to bet in North America, just because of the winning chance, high odds, and unpredictability it represents.
However, just like in any other betting, you can improve your skills and winnings by introducing betting strategies when you place your bets. In today’s article, we will highlight some of the most important things you need to know before you start betting on horse racing.
Table of contents
Do Your Research
Horse racing is an unpredictable sport that comes with the same odds before the race starts. In other words, every participant in the race has the same winning chance which means that you can earn a lot of money if you place a bet at the beginning. After some time, the bets start to change based on people’s bets.
Even though they start with the same odds, you can still get some insights that can point you in the right direction. It is impossible to come up with a winning streak if you don’t know what’s going on.
So, your first step is to do your homework by researching everything about horse racing. Make sure you compare previous race results and keep the jockey in mind. After all, this is a sport that involves skill so the better the jockey is, the higher the winning chance it will be.
Don’t Stick to One Bet
When it comes to horse racing, there are different kinds of bets. Most people focus only on one bet, which is the win bet, where you choose which horse will eventually win the race.
However, there are many other bets that can improve your winning chances. Horse race betting is all about developing the right strategy. For example, you’ll be better off starting a long-term strategy of betting on smaller odd bets, than starting a short-term strategy and betting on unpredictable bets.
So, if you want to take your horse race betting to the next level, make sure you incorporate different types of bets in your strategy.
Another thing you need to focus on is understanding the types of bets and how they are calculated.
Types of bets:
- Fixed odd bets
- Across the board bets
- Multiple horse bets
- Multiple race bets
By understanding each bet type, you’ll be able to come up with the best winning strategy.
Shop the Odds
Shopping the odds is a betting strategy that can increase your overall payout and it applies to all the bets in every sport. However, this system doesn’t work on pari-mutuel betting just because you cannot control the size of the pool.
Choosing the best odds can improve your winning slightly, which might not seem like a big deal at the moment, but you’ll be surprised at how much it changes in a long-term betting strategy.
You should choose the horse or horses you want to place your bet and start shopping the odds. You should check multiple online gambling websites like TwinSpires or others, and find out which website provides the best odds for a specific bet. You should go with whichever option gives you the highest chance of winning more money.
Also, make sure you research whether your state our country allows legal betting on horse racing. For example, read about Horse Racing in Michigan to know how to bet on that particular state.
Choose the Races you Want to Participate In
You should bet on multiple races, which doesn’t mean that you should participate in every one. Even though the process is simple, if you place more bets you have more chances to win, but the losing chance is also rising.
That is why you need to place bets on multiple races with smaller odds and save your cash for a race that you are absolutely sure about.
You need to learn when it is a good idea to pass and when it is a good idea to participate in a horse race. Statistically, people who place bets on every single horse race have lower winnings than people who play smart and only place bets on races they are sure about.