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Betting is an essential part of horse racing, no doubt about that. The races are exciting to watch, but I would argue that half of the fans if not more will lose interest in the sport if it wasn’t for betting. Horse racing betting gives people a chance to win a lot of money, and who would say ‘no’ to walking away with full pockets? But is that really possible? Can you make money online or in-person with horse racing betting?
Yes, that’s possible, and you can definitely make money with horse racing. The only thing you need to consider is picking the right strategy. In today’s article, we will discuss more about how to improve your winning chances in horse racing, pick some essential strategies to go by and help you understand the economics of the world of horse racing betting. This way, you can decide on the right strategy for your goals and expectations.
What To Consider When Betting On Horse Racing?
Horse racing is an unpredictable sport with a lot of variables that come into play. The only way for you to increase your winning chances is to do some research and make sure you are making knowledgeable decisions. For example, if you watch all previous races of a horse, you’d know what to expect in the upcoming race. According to TwinSpires, Honor Marie is a horse to watch as we head to Pool 3 of the Kentucky Derby future wager. The horse stands out with
30-1 odds due to its incredible results in the first two races. If you didn’t know this, you’ll most likely miss this opportunity. But even the most researched races don’t always go to play. After all, that’s what makes the sport exciting.
On top of that, you cannot realistically improve your winning chances (except with thorough research), so the next most important thing is managing your betting budget. The goal is not to make quick money but to make a budget betting strategy that will be profitable in the long run.
Best Essential Strategies for Horse Betting
Bankroll Management
It is easy to fall into the trap of placing a small amount of money into your account and risking it on a single race in the hopes that it would win and allow you to wager more. Quite often, it will lose, and you will deposit again in an attempt to recover your losses. It is a never-ending loop that rarely leads to success. If you are serious about generating a profit, you must set aside a specified amount of money just for betting purposes, known as your ‘bankroll’. The golden rule of betting is to only gamble money you can afford to lose. This way, you can focus on maximizing profit potential.
Limit Amount of Money Placed On A Single Bet
As a general guideline, don’t invest more than 5% of your overall bankroll in any particular race. Yes, if you start with a $100 bankroll, you may end up wagering merely $5 on a race. Interestingly, as I win more, I reduce the percentage of my overall bankroll wagered every race (many would expect the opposite). If my bankroll is around $1,000, I aim to limit my bets to $50 (5% of the bankroll). That does not indicate $50 on any one horse, but rather a total of $50 bet on the race, which may be divided between 2-4 horses in that particular race.
Value Betting Strategy
Now that we got the boring stuff out of the way, let’s focus on some strategies that might boost your profits. While value betting is a general strategy that may be utilized in a variety of sports, it is especially important when betting on horse races. Horse racing has many variables; therefore, bettors must carefully consider their projected return on investment. Value betting enables the gambler to capitalize on any obvious flaws in the bookmaker’s odds and maximize earnings by seizing the opportunity with the best possibilities of winning.
For example, if you feel a horse has a 20% (4/1) chance of winning, but the bookmaker’s odds are just 3/1, this may occur. In this scenario, the value is good, and there is a chance to benefit from the possible disparity.
Laying A Horse Strategy
The standard lay-a-horse method involves betting against your favorite horse and choosing another from the field. This is done in the hopes that the horse you bet on will win while your favorite loses, allowing you to gain more money.
What Is A Lay Bet?
This method might be useful in situations where picking an impending winner is too tough or intimidating. Furthermore, even if you can only bet on ten races this way, there is a good possibility you will come out ahead because betting against the favorite is less risky than choosing a winner.
Dutching System
This is one of the most well-known horse racing betting strategies, developed by Al Capone’s accountants, Arthur Flegenheimer and Dutch Schultz. It is based on betting on numerous outcomes in the same event. When employing Dutching, always make the right wagers and stakes to receive the same amount of money back. Bettors can employ three types of Dutching: simple Dutch betting, set-profit Dutch betting, and set-amount Dutch betting.
In Simple Dutch betting, the wager on all selections remains the same, or, depending on the chances, bettors cut their bets to ensure profits that align with personal or business goals. Set-profit wagers seek a certain amount of money from the horse race and are not dependent on the number of selections. Players, on the other hand, use set-amount bets to restrict their stakes without specifying a profit target.
