Betting on horse racing is one of the most exciting sports to place your money on. Whether it’s the thrill of being at the racetrack, the thundering of hooves on dirt, or a close race, there are many reasons why horse racing is so popular.
From a gambler’s perspective, horse racing is one of the most unpredictable yet lucrative sports to tap into. Described by some as being the equivalent of “live roulette” even the surest of bets can be flipped on its head for some ridiculous reason.
The champion horse could just choose not to run. A jockey could suddenly take a slip and fall. Or maybe your lead horse made a small misstep and broke his leg.
What we’re trying to say is that the variety of factors that come into play in horse racing make it nearly impossible to predict the outcome of any single race.
This doesn’t mean that you shouldn’t get into horse racing. Far from it actually. With the right strategy and approach, you can make an absolute killing betting on horse racing.
But before you get started, you’ll want to know how you can do so. Let’s get started with these few tips:
1. Doing your Research
Unlike blackjack, roulette, poker, or other traditional betting options, horse racing is influenced by a multitude of other factors.
Games of chance are just that – games in which their outcomes are wholly reliant on the odds of a particular event occurring.
The outcome of a horse race however is instead reliant on other factors such as the horse’s disposition, track conditions, and the jockey. This is where your research skills come into play.
Taking the time to research the horses and their past performances allows you to gain a rough sense of how some horses may perform. For example, a typically strong contender may be put off by external conditions such as rain or track conditions thus affecting his performance.
The same can be said of jockeys and trainers who both play important roles in a racehorse’s performance.
By taking these factors into account, you can make an educated guess on how things may turn out. This is what makes horse racing such a popular sport as can be seen by how many underdogs have taken more than one punter by surprise.
Bonus tip: don’t forget to check your local laws before betting. Is betting legal in your state? For example, if you are from Michigan you can simply visit twinspires.com/states/michigan and get yourself informed.
2. Treat you bet as an Investment
Discipline is a crucial trait for gamblers all over the world. Viewed objectively, betting is a riskier, less controlled method of investing.
Investors work by parking their funds into an asset with the view that this transaction will pay off in the future. Gamblers hope that their involvement in said transaction may reward them in the future.
The difference here is discipline.
Before placing your bets, you will need to determine the exact amount that you intend to earn at the end of the day. This means being conservative in your bets and knowing when to walk away or to hold.
All too often, amateurs get drawn into the entire exercise and lose their sense of discipline. Some hope to double down and multiply their winnings or seek to recoup their losses. This all too often results in even larger losses thus rendering the entire exercise worthless.
Instead, have a goal and keep to it. Know when to cut your losses and move on to another day. While it may be difficult, on the long-term, you’ll find the entire exercise becoming much more profitable.
3. Have a Budget
One of the most underrated pieces of advice that many gamblers fail to heed is the need to have a budget.
All too often, we’ve heard stories of gamblers who lost everything at the track on the racehorses.
Whether you’re gambling online or at the racetrack, it’s important to have a budget. Identify how much that you intend to spend and stick to that amount.
This helps you from making emotional decisions and keeps you on the straight and narrow. It is also important if you do not want to burn through your savings and end up with nothing.
Betting on racehorses whilst exciting and sometimes unpredictable can be a lucrative prospect for those willing to try. They key to successfully punting at the racetracks will always be discipline and research.