5 Tips To Improve Your Horse Racing Betting Skills

| June 16, 2021

Horse racing is an extremely popular betting sport around the world. Many people spend millions of dollars betting on races, and in many countries, horse racing itself is considered one of the elites of the elite.

For most, the thrill of the sport itself isn’t the main attraction though. The main thrill comes from the betting. In fact, in Australia, race betters spend most of their money – 52% of their gambling expenditure – on horse racing. But you can’t just head to a racing track, put some money down and expect a big payout. There’s both luck and skill involved in horse racing betting. (1)

So if you’re looking for a way to get in on the fun and improve your chances of getting a tidy sum, you’ve come to the right place. Keep reading for some tips and tricks to improve your horse racing betting skills. 

  1. Do your homework

Any experienced bettor knows that it’s crucial to do the research to back up any bet. This includes understanding horse breeds, getting information on the owners and trainers as well as information about the competition. 

So many people place bets on races each year, spending millions of dollars, but a very small percentage of these people actually do any research before choosing their winning bet. Most races have form guides, and these will give you most of the information you need to know about the race and the horses that are competing.

It won’t tell you which horse to bet on but will provide the information you’ll require to make an informed choice. There are many betting sites on the World Wide Web that have information on popular horses, trainers and jockeys too.

  1. Make different kinds of bets

When thinking about betting, most people’s thoughts will be of the winning bet – that is, you choose the horse you believe will win. However, there are many other bets available besides the winning bet. 

If you want to improve your chances of a win, you should learn to make different bets and use them strategically to your advantage. The Web has a plethora of places where you can learn all about different kinds of bets. You can search for your area – for example, best betting sites Australia – for the most relevant information.

Most countries have two other worthwhile types of betting, that being place and show bets. Betting place works if your horse comes in first or second, whereas betting on a horse to show is going to work if they place first, second or third. (2)

  1. Shop the odds

Shopping the odds isn’t just a way to increase your overall payout in horse racing. It can pretty much apply to all bets where you’re using fixed odds. When you’ve chosen your horses or horses to bet on and selected the type of bet you’re going to place, now you can shop the odds. You should check out a variety of online gambling sites and with bookmakers to find out the odds for a certain bet.

Now you simply go with the options that give you the highest chance of winning the most. At first this might not make much of a difference, just a few extra dollars here and there. But if you’re betting regularly, those extras can add up quickly. 

  1. Bet on multiple races but not every race

This is a pretty simple and smart strategy to start improving your horse racing betting. It all boils down to simple probability – the more times you place a wager, the more chances you have of winning. So betting on multiple races indicates you’re already much smarter and more in the game than most of the gambling population. 

There are more races you can bet on than just the Kentucky Derby or Melbourne Cup, and there are also different kinds of horse races. There’s flat racing, jump racing, endurance racing and harness racing, just to name a few. 

  1. Manage your bankroll

Finally, you need to manage your bankroll, which in other words means it’s important to have a budget and stick to it. This is something every bettor must learn across all forms of betting. Being able to budget correctly is crucial in betting for the winning horse. Without it, you could be spending money you don’t have, which is very dangerous. 

Ensure your financial situation is secure before making any wagers. Check if you have enough money for bills, groceries and other important costs. With anything that’s left, you should consider what’s worth saving and how much you’re willing to risk.

This ‘risk’ figure is going to be your bankroll. It’s recommended that this money be put into a different account or taken out as cash. This should decrease the chances of you spending more than this set figure.

Ready, set, go!

Now that you know the ways you can improve your betting skills, you can go forth and have a little fun at the tracks and remember to always gamble responsibly.

References

  1. “Race betting in Australia”, Source: https://aifs.gov.au/agrc/publications/race-betting-australia
  2. “Probability models on horse-race outcomes”, Source: https://www.stat.berkeley.edu/~aldous/157/Papers/ali.pdf

Category: Betting

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