4 Secrets to Betting on Horses Like a Pro
Casual bettors who go to the horse track will put their money on any old nag that catches their fancy. Maybe the horse has a catchy name or they’ve heard of the jockey somewhere. Regardless, they don’t implement a smart system that leads to success. If you want to start betting on horses like a pro, then you need to know a few secrets.
Secret #1: Don’t Bet on the Favorite
The favorite’s chances of winning usually fall between 30 and 40 percent. Depending on how much money you stand to win, those might sound like great odds. Notice, however, that you have a better chance of calling a coin flip.
The real problem is that the favorite usually has terrible odds. Even if you win, you won’t get much money. Consider the expected financial value of the bet. You can do this rather simply multiplying the odds of losing by the amount of money you stand to net. Then multiply your odds of winning by how much money you need to make the bet. Subtract the second number from the first. If you get a negative result, don’t make the bet. If it’s positive, then you have a statistical advantage of winning.
Secret #2: Research the Jockey
Horses might run the race, but jockeys pilot the horses. Even a great horse will have a hard time winning without a good jockey. You can find information about jockeys in your racing form. Most of them have statistics that will let you compare jockey performance.
If a jockey has just recently started competing, then the racing form might not have much, or any, information about him. If you’re a cautious bettor, stay away from young jockeys and focus on those who have histories.
Secret #3: Understand Money Management
You can cash in winning tickets all day long and end up with nothing when you leave the track. That’s partially because a lot of bettors don’t pay close attention to whether the odds will pay very well when they do win. It’s also because they don’t understand good money management.
Money management will make sure that you never deplete your bankroll. There are plenty of systems out there. Do some research and choose one that works well for you. In general, look for management systems that force you to make lower bets immediately after losing a race. This will keep more money in your pocket on days when you’re not seeing the track clearly.
Secret #4: Time Your Bet
Whether betting at the track or online at a site like Pointsbet, amateurs often place their bets long before a race starts. Then they complain as the odds fall and they see their potential winnings grow smaller and smaller. Smart bettors wait until just before the race begins. That way, they know what their actual odds are. They’re not making decisions on erratic data. They’re using their heads and math to know whether a bet has a good value.
Some professional horse betting pros will tell you that they just have an instinct. Don’t believe them. Winning is a skill that anyone can learn.