Betting on horse racing is fun. But if you lack strategy, then you’re going to fall into the category of bettors who make up the 95% that are losers. So if you want to fall in the 5% winner category, you have to rely on skills, not just luck.
Unless you’re comfortable with throwing your money in a pool oblivious of the impending danger, there is no reason that can justify spending your hard earned on horse racing without really knowing what you’re doing. So here are the basics – they may also apply to casual games at Royal Vegas Online Casino
All bets that belong to a specific type are put into a common pool. When you take part in this kind of betting, all similar bets will end up in this common pool. Winnings will come out of this pool. This is unlike what happens when you play games like Blackjack at Royal Vegas online casino. When playing Blackjack, you’re doing so against a house edge. But with horse betting, you’re being stacked against other people who are betting on the same event.
Money management: Some experts have come up with a money management theory for optimal betting. They suggest that you should bet up to 4% of your bankroll on a wager. Moreover, you always have to know your edge, and this means keeping records of your past performance. As a handicapper, you should know your strengths and weaknesses, and this will help you identify the correct money management plan for your betting. Also, keep in mind that your wager should increase with every increase in your edge.
Another thing to remember is that exceeding the 4% mark can be dangerous to your bankroll regardless of whether or not your edge justifies it. In horse racing, the chances of long losing streaks occurring are very high. What this means is that if you bet 5% of your bankroll on each race and end up losing 20 in a row, you will end up being tapped out. Tapped out is a fancy way of saying that you can’t win anymore in this horse racing competition.
Price and value: Most handicappers don’t consider price and value in their horse race betting. But it’s an important factor if you really want to win. You see, becoming a winning bettor is never about going with the highest percentage of winners. Instead, it’s always about going with good betting opportunities which manifest in form of price and value.
Whereas price and value is used interchangeably, the truth is that these two words mean different things. The price is the reward you will get when you take a risk. This price increases when risk is increased. Value is a more complex topic than price. Generally, you have to figure out how the price compares to value.