Horse racing is one of the most popular sports that people bet on. In fact, it is surpassing some of the more popular sports like NFL and Soccer, especially when we have a big event like the Kentucky Derby on the line.
Horse racing is specifically designed for betting. Apart from the two-minute fast-paced action, you don’t get a lot in terms of entertainment. But this opens up the opportunity for bettors to earn a lot of money in a short period of time.
The sport of kings offers many benefits for bettors, which is why it is their top pick. The biggest of them all is the huge odds, especially with exotic odds, that can give you a massive return on your money.
Even though a lot of people bet on horse racing, very few actually manage to cash their profits. This has a lot to do with the lack of information and betting without considering other factors. This shouldn’t discourage you, since there are a lot of ways you can minimize your risks and win more money.
Let’s highlight some of them.
How to Improve your Winning chances when Betting on Horses
Understand the odds
The first and most important thing you should consider before jumping into horse racing betting is understanding the odds. Odds in horse racing can come in several different layouts, such as American and decimal odds.
We recommend that you start learning the fractional odds’ layout since it is widely used by many horse racing betting websites.
In order to understand how much risk, you are willing to take, you need to understand the odds. The odds are made by the bookmaker, and they are representing the probability of certain things happening in a horse race.
For example, a bet with higher odds suggests that the probability of the outcome is lower compared to a smaller, odd bet. In horse racing, horses with higher odds or bigger prices are considered to be underdogs and have fewer chances “statistically” of claiming victory.
Fortunately, understanding the odds is no complicated process and you can learn it quickly. If we take a 5/1 odd for example, the left number is the amount you will get an ack from the bet made with a wager of $1.
This only gives you your potential profits and does not include your initial bet. In other words, if you wagered $1 in a 5/1 odd bet, you should expect a total return of $6.
It is worth mentioning that the probability or lower odds for the favorite don’t always play in your way.
Statistically, only 33% of the time the favorites win on horse races, which means that even bigger odd bets can win you some money.
Get the Most of the Odds
Just like in other sports, odds change due to certain circumstances before the main event. For example, a horse might start with high odds, but as it wins a lot of races on the road to the Kentucky Derby, its odds will start to decline.
In the world of horse racing betting, this is called starting prices and antre-post.
Choosing the time to place your wager can optimize your risk. Antre-post bets are usually dan long before the main event. This means that they have higher risks and potentially bigger rewards.
On the other hand, if you wait for final declarations and days or minutes before the race, you’ll have significantly less risk, but also a smaller reward.
It is really important to find the sweet spot between the time you place your bet and the risk factor you are willing to take. Betting on a horse race months before the main event can significantly increase your profits, but also pump up the risk.
Research is Crucial
One of the best ways to decrease your risk when it comes to horse racing betting is to do a lot of research. If you are someone that knows a thing or two about horse racing, then you’d probably know that there are a lot of factors that can impact the outcome of a race.
As we mentioned before, only a small percentage of people win some money on horse racing due to poor research. Casual bettors are putting some money on a horse without knowing too much about its history, previous races, trainer, jockey, weather conditions, and form.
Lack of information can significantly increase your risk factor since it is the only way to make a wiser betting decision.
So, try to do as much research as possible since it is the best way to minimize your risks and increase your winning chances. Check for former winners of the races to see the form trends, like the Kentucky Derby past champions: https://www.twinspires.com/kentuckyderby/winners
Setting up the Right Strategy
If you want to make money while betting on horses, you need a rock-solid strategy. Let’s get one thing straight, you cannot win every single bet.
Knowing that the process of betting becomes a strategic play where you have to determine the right time, place, and type of bet to put money on. Developing your own betting strategy can decrease the risk of losing money by making sure you are profitable in the long turn.
Even though you cannot predict every race and win some money on every horse racing event, your job is to create a strategy that will help you balance the process and end up profitable in the long run.
Usually, betting strategies include bankroll management, a limit on the amount of money per bet, (experts don’t go over 3% of their budget), a limit on how much money you can lose, and many other things. Creating a strategy that focuses on long-term profits will help you manage your budget easier and significantly lower your risk.
Pick the Right Horse Races
If you want to become a professional bettor, you need to place wagers only on specific horse racing events, and not all of them. Most people do the same mistake of betting on one very single horse race, which can deflate their budget which is not sustainable in the long run.
Choosing which horse races to bet on depending on the information you have can significantly lower your risk.
This is why most professional horse racing bettors make a betting calendar highlighting only the events that they are willing to bet on.
So, if you know all the horses and their past, as well as how they perform on the specific track, you should consider placing some money. Otherwise, it is better to stand down and find the next horse race that promises a higher probability.