Even though horse racing has lower viewership compared to other top sports, the situation is different when it comes to betting. Horse racing is one of the most popular sports to bet on, and there are a couple of reasons for that.
First of all, horse racing provides competitive odds allowing you to win huge prizes for small money bets. Winning some money by wagering on the underdog is quite possible as we’ve seen many times in the past where unknown horses managed to win big races.
Additionally, horse racing depends on multiple factors and once you start to dig deeper into the subject of horse racing and research the data, you’ll be able to come up with a bet with a high win probability.
However, horse racing betting can be tricky, which is why you need a betting strategy in order to walk away with profits.
Let’s go through some of the beginner tips on horse racing betting and find out all the things you should consider before placing your first bet.
Research is Crucial
The majority of horse racing bets are placed without too much research, resulting in lower winning chances. The first thing you need to do before placing a bet is to do your own research. Knowing certain things about the contenders will help you make a wiser betting decision and possibly win some money.
So, what are the top things you need to consider in your research?
Well, most professional bettors start with analyzing the horse’s pace by browsing through their previous races. This is an important indicator that can tell you the horse’s ability and how it might perform in a future race.
Additionally, you should learn more about where the horse comes from, who trained the horse, and his previous history with horses, as well as the jockey, surface of the track, weather conditions, and more.
Once you learn more about each contender in a race, you’ll have a clearer idea about which one has the best chances to win. If you are thinking of entering Kentucky Derby betting, you should do also research about the events’ circumstances and past winners.
Don’t Bet only on the Favorite
In the world of horse racing betting, most people place bets only on the favorites. However, if we analyze data from the past, we can see that in only 30% of races, the favorite managed to win.
This is a rather low percentage to base your strategy on, which is why you need to mix things up.
Horse racing is a very unpredictable sport, so if you want to make the most out of your bets, you should base your strategy on the research and not on which horse is considered to be a favorite.
Bet on Recent Winners
As we mentioned before, the horse’s form is really important which is why it is a good strategy to hunt for recent winners. Some horses might not have a rich history of winning races, but if they won the last race, there is a good chance that they will repeat the same result in an upcoming event.
Diversify Your Bets
As a beginner in the horse racing betting world, you need to understand all horse racing bets in order to create a profitable strategy. Even though most bets are fairly simple to understand, many people make the same mistake of avoiding learning more about the type of bets and they usually go for the most common WIN bet.
Here are some of the bets that will help you diversify your betting strategy.
WIN – This is the most straightforward bet where you need to choose which horse will win the race.
PLACE – This bet gives you more freedom since the picked horse can finish first or second and you’ll win the bet.
SHOW – You’re betting on a horse that might finish first, second or third.
ACROSS THE BOARD – This type of bet is a combination of all things at once like Win, Place, and Show.
Exotic wagers are not preferred for beginners since they require a lot of research, but it is worth considering them in your strategy since they can win you huge prizes.
EXACTA – This allows you to bet on the horse that will come first and second in exact order.
QUINELLA – This allows you to bet on the horse that will come first and second in any order.
TRIFECTA – Allows you on three horses that will come first, second, and third in exact order.
SUPERFECTA – This allows you to bet on four horses that will come first, second, third, and fourth in exact order.
Once you learn more about the type of bets, you can experiment with them and use them in your strategy. After all, keeping track of your betting and results is the best way to understand the process of horse racing betting and improve your skills.