There are few more popular sports to wager on online than horse racing. The interest levels when it comes to betting on the sport pique around the biggest events on the schedule, with even newcomers testing their luck on races such as the Kentucky Derby, Grand National, and Melbourne Cup.
However, betting on the sport is popular year-round among experienced gamblers, as racing action is staged across the globe on almost every day except big holidays.
But, betting on racing is unlike placing a wager on any other sport, as there are more factors that must be taken into account before putting your money down. You can find some interesting tips worth following if you’re a beginner wagering on racing here.
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Don’t Just Back Favorites
According to TwinSpires, backing favourites is a typically popular selection among newcomers, as the market typically shows the horse that should prove to be the best in the field.
However, newcomers shouldn’t just back the runners at the top of the market because they are there, as backing favorites also comes with its issues. Around 30% of the time, short-priced selections come in, meaning that favorites get turned over more often than not.
Therefore, you should only part ways with your money for a favorite if all your research backs up the price. Meanwhile, backing favorites is often not the most enjoyable angle if you’re looking to make money, as they can often return very small profits.
Finding the value in betting markets is the big question that punters must answer, and more often than not, that doesn’t include betting favorites.
Understand Racing Terms
For newcomers, hearing fans of racing talk about the sport can often feel like you’re listening to a different language.
Unlike other sports, there are more terms when it comes to racing, and only by learning what each of these means will you enhance your understanding of the sport and therefore increase your chances of making winning selections.
Understanding the terms used also has a direct impact on betting, as some of the markets available when gambling on racing aren’t found in any other sporting markets. For example, you should be aware that place betting covers the first three places, while Exacta and Trifecta selections required bettors to predict the first two and three horses, respectively, in the correct finishing order.
Reading Form Lines
Research is an integral part of the process when it comes to betting on horse racing, but fortunately, all the most important pieces of information are typically found at online sportsbooks in this modern day.
But, knowing what to look for is a different question that beginners will ask themselves. Horses that have proven winning records will have an improved chance of winning when compared to horses that have failed to win during the season. Ratings are also worth considering, as these will indicate the horses that come out on top based on official metrics.
Furthermore, beginners should assess the class in which races that horses have run in, as a step up in class could mean that a horse is more vulnerable compared to a contender that has a proven winning record at that level.
Trainers
Betting on horse racing revolves around more than simply looking at the form on offer by the runners involved. Beginners will also have to take into account the trainers, with some yards typically enjoying better win rates at certain tracks.
For example, Bob Baffert has an excellent strike rate at Santa Anita, but he rarely sends many of his best horses to New York tracks. Trainers that have dominant win rates at certain tracks should be respected, as their runners will be tuned up to give their best running at a track that suits their run style.
Meanwhile, bettors should also examine the recent strike rate of trainers. Those in excellent recent form will indicate that their runners are at their peak levels of fitness, while poor strike rates could indicate a yard that is out of form, and there could be something amiss in the stable.
Bet Responsibly
The key to having long-term enjoyment when betting on horse racing is by gambling responsibly. This includes setting a deposit limit per week, and once this has been exceeded stepping back from the racing action.
Setting limits creates a healthy bank roll management, and it will have long-term gains for bettors that are looking to beat the bookies. Chasing losses is more common when betting on horse racing than in any other sport, as there is always another race that you can wager on.
However, making ill-advised bets is shown to produce losers, meaning that you will only end up losing more than you’re willing to. Setting a budget for your betting needs is the first thing that all newcomers to the sport must do before placing their first wager on racing.