|Monday 2nd December 2019|
What does it take to be a Successful Horse Racing Bettor?
Horse racing has been helping families create memorable experiences for centuries. From central Asia to South America, Australia to the USA, horse racing is one of the most popular sports in the world.
And while watching the game with your friends is fun, betting on your favourite horse can make the game more exciting. In this article, we share some tips on what it takes to bet on horse racing events and win consistently.
Learn the Basics of the Game
Betting on horse racing takes more than watching a few games in a year. You need to learn about types of races, the competitions, the horses and most importantly, racing statistics. It also helps to be a fun of the game, although not a necessary recipe for betting successfully.
In general, most horse racing tournaments involve flat racing. These competitions describe racing on levelled surfaces without obstacles. Jump racing, which consists of overcoming hurdles, are also popular, especially in the UK, Ireland and France.
When it comes to tournaments, there’s little you can do to determine when events will take place. But it helps to beware of these schedules as it can help you pick horses to bet on early. It also allows you to research games, review statistics and other information that could be useful in betting.
You probably know you can bet on a specific horse to win a tournament. But there are a lot more types of bets. You could wager on the best three horses in a game or which horse wins two consecutive races. And if you love to take huge risks, you can back one pony to win six straight races.
Of course, successful bettors don't take the biggest risks. Quite the contrary, professionals research games and wager on a horse with a relatively low level of risk. That doesn't mean they bet on the favourites, though.
Avoiding risk means finding a horse with good odds on Turfoo betting sites and wagering on it if it has decent chances of winning. In essence, you evaluate the value you get from backing a particular horse to win. And if it promises great value but also holds decent chances of winning; you bet on it.
Learning Betting Strategies
Most beginners get into betting without considering valuable strategies that could help them minimize risks. That’s alright, though. Strategies can be overwhelming. But if you want to bet on horse races in the long haul, learning a few proven tactics is recommended.
For example, some people specialize in accumulators. These bets involve combining multiple low-risk wagers into one slip. That means you need to research meticulously to find four or more horses with high odds of winning. It also means you are taking a significant risk because all the horses must win their races for you to win your bet.
Arbitrage, as described by the Economic times of India, is another strategy which if successful, can give you decent profits with little to no risk. At its core, arbitrage involves betting on two different horses and still making a profit regardless of which horse wins.
Typically, you find two horses with almost equal chances of winning a race. You then compare the odds of each horse on your favourite betting site. Let's say horse A has odds 2.10 while horse B has odds 2.10. If you bet €100 on each horse, you’ll spend €200. But regardless of which horse wins, you’ll be paid back €210. That means you’ll have a €10 profit whether horse A or B wins.
Approach betting like your Business
Even when you bet casually; wager it like it means something to you. Work hard to research games. Take time in the research process and review odds to find the best odds before you bet. Of course, betting doesn’t have to occupy your entire day.
But many professionals invest a good chunk of their time researching and analyzing games before they bet. Unsurprisingly, the best bettors have a profitable career. Besides working hard, however, you also need to be a disciplined bettor.
Discipline applies in how you manage your betting budget, how often you bet and how you pick your horses. You need to follow your budget to avoid running in debt. It's also essential to have a schedule so that you don't bet too many times.
If you run a profitable business, you probably keep a record of your sales, invoices, stock and balance sheets. Experts advise you keep similar records if you want to be a successful bettor. Although you won’t need to check the records, they come in handy when reviewing your profits and losses.
Your betting records can also help you review your past mistakes and figure out how to avoid them in the future. Again, they allow you to see your strengths as a bettor and learn which wagers give you the most wins.
All in all, maintaining records can help you polish up your betting skills. And it’s through improving your skills that you can become a profitable professional.
Have Goals and Objectives
Successful bettors are driven by goals and expectations. Some have a target of winning 60% of their wagers. Others, like this professional bettor interviewed by the Guardian, have no issues maintaining a 5% profit margin as long as they remain profitable throughout the horse racing season.
Although you might not be planning to become a full-time bettor, set your weekly or monthly goals. Decide how many wins you’ll target per month and work on achieving them. Ensure you also have a betting schedule and a budget to achieve the goals.
If you achieve your goals; come up with new objectives for the following month. If you don't meet them; figure out what you did wrong.
Becoming a successful horse race bettor is easier than most people think it is. If you love the game, you've already achieved one requirement. If you know how racing works and have an idea of how to bet, you could become a professional punter. But before you start to risk your money, use the tips shared above.